Synopsis
Over the last few days, US 10-year bond yields are down giving hope to US equity markets, which are trending up slightly. Over the past month, S&P 500 is up 5%. But things aren’t easy. Growth is slowing amid fears of recession. If the US market is in troubled waters, it will impact other emerging markets, including India.
In his podcast on January 10, Mike Wilson, chief equity strategist at Morgan Stanley, said there is a consensus that the first half (of the year) will be tough for equity market, while the second half will be easy. But then he asks a simple question – if everybody has the same view then how can it be right? The answer is – “consensus can be directionally right, but it will be wrong in magnitude and rationale which may inhibit its ability to
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