rate hike? WHAT RATE HIKE?
There's been a massive rally in Long Bonds today as the Fed tacitly confirmed our #GrowthSlowing macro theme yesterday. On a related note, we are still advising our subscribers toown TLT.
Meanwhile, in equity markets...
There have been fairly stark drawdowns across global equity markets year-to-date. Another symptom of slowing growth. Here's an abbreviated YTD scorecard:
- S&P 500: 0.0%
- Dow: 0.8%
- Nasdaq: -2.9%
- Russell 2000: -3.5%
- Euro Stoxx: -12.1%
- UK, FTSE: -1.7%
- France, CAC: -8.4%
- Germany, DAX: -11.3%
- Italy, FTSE MIB: -21.5%
- Spain, IBEX: -13.1%
- Japan, Topix: -17.8%
- China, Shanghai Comp: -15.0%
- South Korea, Kospi: 0.6%
