Deutsche Bank’s Jim Reid (via FT Alphaville):

Anyway it’s a big anniversary week as tomorrow marks the 12-month point of the dramatic decade-plus lows in equity markets. Since then the S&P 500 and Euro DJ Stoxx 600 have returned 71.4% and 69.6% respectively (including dividends). US and European HY are 53% and 78.8% higher and BBBs have returned 31.2% and 28.6% respectively in the two regions.

So a stunning period for returns across equities and credit. If we look back at historic 12-month price moves in the S&P 500 this period will likely rank in the top 130 of the 20,263 rolling 12-month periods we have data for back to 1928.