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Markets have hit the panic button

With the Fed tightening at a later part of the business cycle, lower corporate earnings might drag down equities

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In the near term, we need to see some stability in the Chinese yuan and in the oil price for the outlook for equities to improve.

DEVELOPMENTS in China and the oil price plunge have dominated the headlines so far this year, but some attribute the increase in market volatility to the decision by the US Federal Reserve to raise interest rates last December.

History shows us, however, that equity markets in fact