Some bearish commentary
Some strong words from Kit Juckes, chief global FX strategist at SocGen in a note today:
"I'm appalled that people should want to buy the dip this early, when President Trump has only just revived the global economic cycle. I have no idea how deep the global economic downturn will be, but we are in the early stages of that downturn and unlike 2016, when markets stumbled but growth carried on, this looks to me like the real deal. We got the late cycle acceleration, then we got a clear turn lower in corporate earnings and now winter's coming. Hunting for yield and buying cheap assets can be left until the Spring, at the absolute earliest."
