First interest rates, now tariffs – Does this mean another sell-off for stock markets?
2018 is already shaping up as a rather uncomfortable year for stock markets, in line with the warnings that we have been giving for a while. The stellar rise in markets last year pushed valuations to high levels, and with all the good news already in prices, there was clearly a risk of setbacks. But seeing risks is relatively easy, it’s far more difficult to know when and how they will appear. So, like most investors, we didn’t expect that we’d get such a big setback in February.