Divergent – the breakdown of stock market correlations, temp or perm?

Macro Letter – No 101 – 31-08-2018 Divergent – the breakdown of stock market correlations, temp or perm? Emerging market stocks have stabilised, helped by the strength of US equities Rising emerging market bond yields are beginning to attract investor attention US tariffs and domestic tax cuts support US economic growth US$ strength is dampening US inflation, doing the work of the Federal Reserve To begin delving into the recent out-performance of the US stock market relative to its international peers, we need to reflect on the global fiscal and monetary response to the last crisis.

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