While the market news is almost universally gloomy, Julian Emanuel says there is a good chance that the near-term direction for shares will be up.
P 500 Index to an almost two-year low. Yet with investor sentiment in the gutter and the Bank of England vowing to open the chequebook to prop up its bond market, could another equities bear-market rally be in the cards?
This is the kind of rapid acceleration and tightening that reverberates across the globe. The conduit has really been the strength in the dollar feeding into the UK. You’ve had a leadership change, the queen’s passing, a new prime minister, a new government -- just total huge challenges in a market that had already been showing strains, frankly, since the Brexit vote in 2016. So really, testing the outer bands of volatility across every asset that’s in the UK.
And frankly, because so much of UK debt is denominated in sterling, that wasn’t necessarily going to be the way it would play out. But nevertheless, the markets have become just very, very illiquid and people got very, very afraid of buying bonds in an environment where there’s still no concrete evidence that inflation, particularly in Europe, is showing signs of topping. Although that evidence is starting to build quite rapidly in the US.P 500 set new lows for this bear market.
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