Mattias Sundling, senior strategist at Danske Bank, sees plenty of pointers, but no clear trigger for the turbulence in global markets. “There is a wave of events, which can affect the markets: Brexit, trade wars, China, individual corporate events, but the main problem, I believe, is US inflation. It was the same in February when the markets fell; US long-dated yields climbed to 3 per cent. Yields have now gone up again to above 3.25 per cent, which causes tech sector turbulence,” he tells Svenska Dagbladet, which reports that a tech rout in the US on Thursday wiped USD 177 billion off the value of the so-called FAANG stocks (Facebook, Amazon, Apple, Netflix and Google).
Sundling is of the view that the slide is a market correction in an upward trend.
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