Source: Wall Street Journal
“Global stocks and bond yields slid Friday as weak manufacturing data deepened investors’ anxiety about the health of the world economy. Signs that momentum continues to cool across major economies have challenged investors, raising questions about whether a soft patch of data could mark the start of a more persistent downturn. A report Friday showed factory output in the eurozone fell in March at the fastest pace in six years, while a gauge of U.S. manufacturing activity slipped to its lowest level in nearly two years….Meanwhile, stocks across the world retreated, with the S&P 500 losing 1.2% and benchmark indexes in France, the U.K. and Germany sliding more than 1% apiece. ‘The global economy has clearly become an issue, with big headwinds there,’ said Tim Anderson, managing director at broker-dealer TJM Investments….’The market is polarized: Half thinks we are in a bull market recovery and the other half thinks we are in a bear market rally,’ said Eoin Murray, head of investment at asset manager Hermes….In another sign of pessimism, traders doubled down on bets that the Fed will go as far as lowering rates soon – something they haven’t done since the midst of the financial crisis in 2008.”
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