The calm of May has given way to a big spike in stock market volatility. June kicked off with a crisis in Italy, further Brexit setbacks and sinister political antics from Donald Trump. Markets on both sides of the Atlantic are swinging sharply day by day, sometimes on the flimsiest of rationales.
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Stock markets can be perverse. Having been braced for the fallout from the US administration’s decision to exit the Iran nuclear deal and impose severe sanctions, the S&P 500 index has surprised everyone by surging ahead. In fact, while the market plummeted during president Trump’s speech announcing the move, it finished the session higher.
Investor sentiment for developed markets has weakened, with some major indices displaying the dreaded ‘death cross.
US tariffs on steel and aluminium imports could be the first shot in a trade war that will damage the major markets.
Unease over US jobs data sparked a serious case of market jitters, but Ceri Jones views it as an opportunity.
Commentators are divided on the outlook for equities, especially in US markets where valuations look frothy.
With equity market valuations stretched and volatility unusually low, is it prudent to take some profits off the table?
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We are selling out now even though the shares already reflect the news, as the future is too opaque for our remit.
Global equities are historically overvalued by a wide margin, especially in the US market.