The MSCI All Country World Index is falling for a ninth day Wednesday, the longest losing stretch since 2011 -- a period when the burden of public debt threw the euro-area’s viability into question, rattling investors.
“Its duration and magnitude were not unusual relative to the experience of previous decades,” the strategists wrote in a note. “We expect further weakness and bumpy markets before a decisive trough is established.” “The short term is bearish and in September and October is when you usually get markets going down sharply,” Chris Wood, global head of equity strategy for Jefferies LLC, said on Bloomberg Television.
For now, caution appears to be the watchword: dollar strength coursed through global markets on Wednesday, Treasury yields held a surge on expectations of a pugnacious Fed and an Asian share gauge slid to levels last seen in 2020.
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