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What’s Wrong With the Rebound?
There may be something amiss with the stock market rebound. Ahead of any meaningful improvement in economic data, global stocks have gained about 30% over the past two months from their low on March 23, as measured by the MSCI World Index. That itself isn’t unusual for a rebound after bear markets and recessions. Following the March 9, 2009 market low point during the last global recession, global stocks gained 39% two months before economic data began to improve. What is unusual? This time, the markets’ rebound has not been led by cyclical stocks. Different this time In the past, cyclicals typically lead the ... (full story)