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15 Oct 2018

Latest from Lyxor - An important week for Europe

Global markets sold off last week, as a rout among bonds spread to equities. Fears the US economy was overheating and that the Fed would tighten further, faster were largely to blame. Italy’s battle with Brussels, renewed tension between the US and China and the IMF’s decision to downgrade its global growth outlook added to the anxiety. The VIX spiked and all risk assets retraced, including oil. Among the sectors, defensive plays resisted and banks were buoyed by higher yields. Of the usual safe havens, only gold and the yen really served their purpose.