Bear market kept at bay as S&P futures lift

📆 13/05/2022 18:05:00
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‘A lot of fund managers have cut their equity allocations and raised cash, though we think this is a correction rather than a bear market’

The bear and bull statues outside the Frankfurt Stock Exchange. Picture: BLOOMBERG/ALEX KRAUS

Powell repeated his expectation of half-percentage-point interest rate rises at each of the Fed's next two policy meetings, while pledging that “we're prepared to do more”. S&P futures jumped 1.09% after the S&P index dropped 0.13% overnight, though the index is still eyeing a sixth straight week of declines.

Investors liquidated global equity funds worth $10.53bn in the week ended May 11, compared with $1.65bn of net selling in the previous week, according to Refinitiv Lipper. The dollar rose 0.47% to ¥128.83, while the euro was steady at $1.038, above Thursday’s five-year lows.

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This idea that 20.1% down is a bear market and 19.9% is not a bear market is probably one of the dumbest ideas that somehow persists.

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