2013 started with stocks going higher. But sometime in May global interest rates begin to rise and the Japanese stock market began to fall.
Since then we’ve pretty much seen a rout in emerging market stocks, currency weakness, volatility in Japanese government bonds and concerns about both the Fed taper and the effectiveness of Japan’s aggressive monetary policy stance.
In this environment David Rosenberg highlights “10 nagging concerns.”
3. The canary in the coal mine has contracted for four straight months and this raises questions about the health of the Asian economy.
7. The breakdown in the Hang Seng index and near implosion of emerging market currencies and bond markets.
10. The Bank of Japan's aggressive stance is no longer successful in creating a risk on environment.
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