The UK equity market has become increasingly polarised between the relative strength in commodities ...
The UK equity market has become increasingly polarised between the relative strength in commodities and the weakness in domestic and cyclical sectors, reflecting the deteriorating macro backdrop. After a bumpy first half of year, Q3 has started off with yet more bad news, with the FTSE 100 down 20% since its peak last autumn, marking the technical definition of a bear market. Although we are now technically in a bear market for equities, the UK economy has not entered recessionary territory yet. The economy has only just started to slow after a robust 2007 when GDP grew above trend. House...
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