March madness? After a euphoric January was followed by a somber February, with bonds and equities selling off as strong data renewed rate-hike bets, more wild swings could be next for world markets.
of value shares, cyclical businesses offering high dividend yields that appeal when interest rates are rising, is down 2.4%.
"The economic data is starting to trend back upwards again but in a longer term sense this means good news is bad news, because central banks have a lot more work to do," said Trevor Greetham, head of multi-asset at Royal London Asset Management. Traders price a further 150 basis points worth of European Central Bank hikes by year-end with data on Tuesday showing French inflationin February. The ECB lifted its key rate by 300 basis points since last July to 2.5%.
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