Analyst: ‘Within three months you have had three completely different stories’
From a red-hot January as China cast off COVID curbs to February’s flop when interest rates surged and now a manic March of banking blow-ups - financial markets have had an action-packed start to the year even by recent standards.
“January was an extremely strong start with China’s reopening, but February we were back to pricing 6% Fed interest rates and the next thing has been the problems in the banking system.” ‘Big Tech’ stocks crave low borrowing costs so they have roared up by a third. The Nasdaq is up 18%, China tech 22%, emerging market countries have sold record amounts of debt and commodity markets see recessions coming.
Bitcoin beats the lot having surged 70%, including 40% in just 10 days during this month’s SVB and Credit Suisse chaos.
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