George and Harold ask why Melvin saved them by hacking into the bank's computer and defacing their surveillance photos, because in the past Melvin hated them. He takes them to the present where Tippy Tinkletrousers is pursuing their past selves to the past. The story begins where the last book left off with Melvin kidnapping George, Harold, and Captain Underpants.
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"Money is not free anymore".Captain Underpants and the Revolting Revenge of the Radioactive Robo-BoxersĬaptain Underpants and the Sensational Saga of Sir Stinks-a-Lotīook Trailer Captain Underpants and the Tyrannical Retaliation of the Turbo Toilet 2000 is the eleventh book of the Captain Underpants series. "The trigger, the reason and the cause of all this has been interest rates and inflation going through the roof," Robeco's head of emerging market equities Wim-Hein Pals said of the mass fall in markets this year. Remarkably Turkey's stock index (.XU100) is now up 70% for year after a further 30% rally although with the lira down 10% for the quarter and nearly 30% for the year there are fears that it could all unravel.
Spluttering growth, the fallout from a prolonged property crash and a strict COVID policy mean Chinese and Hong Kong's (.HSI) indexes are down more than 15% and 20% for Q3 in what is their worst quarters in seven and eleven years respectively. Year-to-date $70 billion has fled EM hard currency bond funds, JPMorgan estimates, and MSCI's emerging markets equity index (.MSCIEF) will see its a fifth straight quarter of losses and set its longest ever bear market, Morgan Stanley says. Ukraine itself has joined Sri Lanka in default and concerns are rife in both currency and bond markets that Ghana and Pakistan are next. China's yuan has slumped 7% to its lowest since the global financial crisis and a number of eastern Europe units have dropped another 10% as the Ukraine war has rumbled on. Staggeringly, no notable EM currency has risen this quarter.
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The overall crypto market valuation has slumped to $940 billion from $2.2 trillion through 2022 although bitcoin hasn't added much to its 60% YTD fall this quarter at least, and ether has been boosted by an eco-friendly software upgrade. "2022 in a Nut: Inflation shock caused rates shock which now threaten recession shock and credit event," BofA analysts said, explaining that peace, globalisation and easy money was being replaced by an "inflationary era of war, nationalism, fiscal panic, quantitative tightening, high rates, high taxes".
The combined collapse in global stock and bond markets means global market capitalisation has been slashed by over $46 trillion.
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They calculate the 20% plus losses suffered by government debt investors over the last year are now a par with the post World War I and II years of 19, and the Great Depression rout of 1931. It seems those goldilocks good times - where markets rally as economies chug along at just the right temperature - are definitively over.Īnalysts at BofA liken it to going "Cold Turkey" and blame it for causing the third "Great Bond Bear Market". With inflation-fearing central banks racing each other to ramp up borrowing rates there have now been nearly 300 interest rate hikes over the last year. LONDON, Sept 30 (Reuters) - If global market investors thought 2022 couldn't get any more painful or unpredictable the last few months have certainly proved them wrong.Īnother $9 trillion wiped off world stocks, oil down more than 20%, historic losses for bonds, war, and things became so ugly in G7 Japan and Britain in recent weeks that the authorities had to step in.
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