Just when you thought things were getting better…
From Clusterstock: Royal Bank of Scotland has joined the swelling chorus predicting a disastrous downturn in global equity markets, reports the Telegraph. RBS analysts believe that S&P 500 will plummet 300 points, or 22%, by September. Credit markets will be just as vulnerable, says bond strategist Bob Janjuah:
I do not think I can be much blunter. If you have to be in credit, focus on quality, short durations, non-cyclical defensive names… Globalisation was always going to risk putting G7 bankers into a dangerous corner at some point. We have got to that point.
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