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The big risk to equities now is earnings, not valuations

Investors have probably seen only the first phase of this bear market in stocks

    • The next leg of the bear market is likely to be driven by earnings recessions, especially in the more cyclical stocks, sectors, and markets.
    • The next leg of the bear market is likely to be driven by earnings recessions, especially in the more cyclical stocks, sectors, and markets. Bloomberg
    Published Sat, Jun 25, 2022 · 05:50 AM

    Ian Harnett

    AS GLOBAL equities go deeper into bear market territory, it is important to recognise the unusual nature of this sell-off.

    The pain so far has come largely from a contraction on the valuation placed on the more expensive stocks and their earnings prospects. This means we have probably only seen the first phase of this bear market.

    Global equitiesWealth & Investing

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