$11 trillion and counting: Global stock slump may not be over
- Date: 16-May-2022
- Source: Money Control
- Sector:Financial Markets
- Country:Middle East
$11 trillion and counting: Global stock slump may not be over
NEW YORK, NEW YORK - JANUARY 26: Traders work on the floor of the New York Stock Exchange (NYSE) on January 26, 2022 in New York City. The Dow Jones Industrial Average was up nearly 200 points in morning trading following days of volatility in global markets. (Photo by Spencer Platt/Getty Images) Photographer: Spencer Platt/Getty Images North America
A mass exodus of money, an $11 trillion wipeout, and the worst losing streak for global stocks since the 2008 financial crisis. The bad news is that it may not be over yet.
The selloff in the MSCI ACWI Index has dramatically lowered valuations of companies across the US and Europe, but strategists ranging from Michael Wilson at Morgan Stanley to Robert Buckland at Citigroup Inc. expect stocks to fall further amid worries of high inflation, hawkish central banks and slowing economic growth, especially in the US.
Money is continuing to leave every asset class and the exodus is deepening as investors rush out of names like Apple Inc., according to Bank of America Corp. Historically significant technical levels for the S&P 500 show the index has room to fall nearly 14% more before hitting key support levels, while the share of companies that have so
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