After a particularly good vintage for equities in 2021, the mood has changed radically on the markets.
The Standard & Poor's 500 has fallen 16% since early January.
The Nasdaq, the index of major technology stocks, tumbled nearly 25%.
"Never in a century has Wall Street experienced such a disastrous start to the year,"
notes Morgan Stanley.
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Europe, on the front line in the face of the war in Ukraine, is not spared.
The CAC 40 has already lost almost 13% this year, the DAX around 14% and the Euro Stoxx 50 more than 16%.
Dark clouds have been gathering on the horizon lately.
Shaken tech
Inflation has never been so high for forty years, prompting the Fed to suddenly put the brakes on its monetary policy.
The ECB should follow suit quickly.
However, rising rates are generally very bad news for equity markets.
It increases the cost of debt for companies and can ultimately weigh on investments
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