16.08.2024

Edmond de Rothschild (Suisse) SA

From Overheat to Recession with no Transition?

Equity markets almost corrected in just three days. The dip does not seem to have been triggered by a single factor, but rather by a new environment: the (finally) hawkish turnaround initiated by the Bank of Japan (with a surprise rate increase) which sent the Yen soaring; rising unemployment in the United States; and flaring geopolitical risks in the Middle East. However, the detonator was the weakness of US labour data.
 
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