Global stocks and bonds will register losses of more than $30tn for 2022 after inflation, interest rate rises and the war in Ukraine triggered the heaviest losses in asset markets since the global financial crisis.
The broad MSCI All-World index of developed and emerging market equities has shed a fifth of its value this year, the biggest decline since 2008, with shares from Wall Street to Shanghai and Frankfurt all notching up significant falls.
In New York, a sell-off on the last trading day of the year added to losses for the blue-chip S&P 500 and the tech-heavy Nasdaq, which have fallen 19 per cent and 33 per cent this year, respectively, the worst annual performance for both since 2008.