Financial Stress Index (StL) in 2015
Financial Stress Index (StL) opened 2015 at -0.11 and closed at 0.38, a +435.49% move for the year. The high of 0.69 was reached on October 2, and the low of -0.40 on April 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -0.11 | 0.00 | 0.15 | -0.11 | +101.95% |
| Feb | -0.18 | -0.23 | -0.18 | -0.26 | -30.88% |
| Mar | -0.27 | -0.21 | -0.12 | -0.27 | +23.53% |
| Apr | -0.19 | -0.40 | -0.19 | -0.40 | -111.20% |
| May | -0.38 | -0.19 | -0.19 | -0.38 | +49.36% |
| Jun | -0.20 | -0.32 | -0.16 | -0.32 | -62.56% |
| Jul | 0.07 | -0.10 | 0.07 | -0.34 | -238.95% |
| Aug | -0.14 | 0.67 | 0.67 | -0.14 | +567.36% |
| Sep | 0.29 | 0.42 | 0.42 | 0.18 | +47.27% |
| Oct | 0.69 | -0.01 | 0.69 | -0.01 | -101.12% |
| Nov | -0.08 | 0.05 | 0.13 | -0.08 | +156.27% |
| Dec | 0.13 | 0.38 | 0.54 | 0.13 | +201.27% |
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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