Australian shares to edge lower with the 2.30pm rate decision in sharp focus; US July 4 public holiday; Saudi Arabia, Russia are cutting oil supply again to boost prices. Follow here for more.
The narrative propelling the global stock rally since mid-March goes like this: The US economy will hold up fine in the face of higher interest rates, and China’s stimulus efforts will help keep that nation’s post-pandemic recovery chugging along.
Over the past six weeks, the fund has put on bets that US and European stocks will fall, including a derivatives position that pays off if technology stocks decline. It’s also loaded up on government bonds, he said. For now, his pessimism is costly. Shah’s take reflects the view among some investors that stocks and the economy can’t possibly hold up in the face of the campaign by central banks to rein in inflation by raising interest rates.
Yet the market has defied the sceptics. The MSCI World Index has returned 14 per cent this year, while the frenzy surrounding artificial intelligence has pushed the Nasdaq 100 Index up by 39 per cent.
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