Emerging Markets (EEM) in 2015
Emerging Markets (EEM) opened 2015 at $38.77 and closed at $32.19, a -16.97% move for the year. The high of $44.09 was reached on April 28, and the low of $31.32 on August 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | $38.77 | $39.02 | $41.07 | $37.92 | +0.64% |
| Feb | $39.72 | $40.74 | $40.84 | $39.37 | +2.57% |
| Mar | $40.68 | $40.13 | $40.68 | $38.24 | -1.35% |
| Apr | $40.63 | $42.88 | $44.09 | $40.63 | +5.54% |
| May | $43.14 | $41.12 | $43.39 | $41.12 | -4.68% |
| Jun | $40.96 | $39.62 | $41.12 | $39.04 | -3.27% |
| Jul | $39.59 | $37.12 | $39.78 | $36.36 | -6.24% |
| Aug | $36.5 | $33.84 | $36.91 | $31.32 | -7.29% |
| Sep | $32.53 | $32.78 | $34.55 | $31.71 | +0.77% |
| Oct | $32.96 | $34.87 | $36.29 | $32.96 | +5.79% |
| Nov | $35.56 | $33.99 | $36.03 | $33.54 | -4.42% |
| Dec | $34.25 | $32.19 | $34.25 | $31.55 | -6.01% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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