Where the value rotation is now
- Date: 22-Feb-2022
- Source: Financial Times
- Sector:Financial Markets
- Country:Middle East
Where the value rotation is now
Good morning. Ethan here; Rob’s enjoying a hard-won vacation. For anyone who missed last Friday’s letter, Unhedged is on a lighter schedule this week — we’ll be back Friday.
The news coming out of Ukraine is immensely scary. As I’m writing, Russian troops are in Ukraine, but we don’t know if they are yet on soil controlled by the Ukrainian government. The US says it’s committed to diplomacy “until the tanks roll”. We are living through history, and it is terrifying. I hope any readers in the region are safe.
US markets were on holiday yesterday, and S&P futures are pricing a sharp drop this morning after European stocks sold off. It’s hard to care about what stocks are doing, but it’s what they pay us to do, so onwards.
Email me: [email protected].
The value rotation is on pause in the US, but not in Europe
It feels distant now, but just last month the high market drama was the rotation to value. One exaggerated headline in a major publication hailed it as the biggest since 1995. Since then, though, markets have had bigger problems. An indeterminately hawkish Federal Reserve and Russia-Ukraine tensions are keeping everyone on edge.
It’s not so surprising, then, that the US
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