August looks back on positive economic and market developments. In retrospect, the first half of the year was soothed by many pleasant surprises, including much-discussed trouble spots that never flared. Read about four perceived market crises.

Perceived market crisis 1: Explosion of credit spreads
A regular hot-button issue for investors is the perceptibly explosive credit risks that our economy poses. It’s nice to know that the financial markets are relativizing this fear. The last three years have shown high-yielding risk premiums, primarily resulting from stability.

Speads of high-yield securities in US dollars in percent – Click to enlarge

Perceived market crisis 2: Sudden outflow of capital

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