What on Earth happened to stocks? Here's where to cast the blame [Business News Network (BNN) Energy & Resources (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Business News Network
What on Earth happened to stocks? Here's where to cast the blame Not widely welcomed, but arguably overdue? The sharp sell-off in stocks that started last week and gathered steam this week lacked a specific trigger -- unlike the last time U.S. shares fell this much, which came in the wake of the U.S. losing its AAA sovereign rating at S&P Global Ratings in 2011. "People are waking up shocked -- January was a very good month and suddenly you hit February and it’s all flipped," said Kerry Craig, a Melbourne-based global market strategist at JPMorgan Asset Management, which oversees about US$2 trillion. "I had a flurry of emails from clients" wondering "what on Earth has happened," he said by phone. As with plane crashes, the experts are pointing to a confluence of factors, from concerns over the path of Federal Reserve interest-rate increases to a rapid unwinding of trades predicated on continued low volatility in markets. Here’s a selection: Surge in Yields Longer-dated U.S. Treasuri
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