Albert Edwards, known for his consistent pessimism, said any hint now of a recession “would surely be a devastating blow to equities”.
As global bond yields rise inexorably higher, Société Générale strategist Albert Edwards said he can’t help hearing echoes of the 1987 market crash.
“My own view is that a recession still lurks, but like many I have held that view for a while now and have been proved wrong – so far.”He sees a further parallel with currency market turbulence in 1987, which exacerbated recession worries “for an equity market priced for the start of a new economic cycle.. But it could be worse: thankfully we are not in the seasonally most risky month of the year.”about where we are in the economic cycle.
In addition, Mr Edwards argues that investors have downplayed the impact of credit constraints: “Small companies in particularly are in great difficulties, with bankruptcies surging.”
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