Unlike previous episodes where investors saw corrections as opportunities to pick up stocks at a bargain, the current downtrend was expected to be more persistent, underscoring the deteriorating outlook for risk assets.
The May 12–24 Reuters polls covering 17 major indices showed most major bourses struggling to recoup year-to-date losses by end-2022. Almost all were expected to end the year below lifetime highs, and remain below them by mid-2023. While 48 said three to six months, 21 said six to nine months, six said nine to 12 months, and four said over a year. The remaining 25 chose less than three months.
“As growth slows, and inflation remains sticky, markets will exhibit more volatility,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.
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