As discussed recently, the high likelihood of short term unwinding was possible given the overcrowded US equity market, and last week we finally experienced a huge unwinding of growth stocks in a big US sell-off. The swiftness as a result of how far we had climbed.
The catalyst was the escalating concerns over COVID-19, particularly given the spread in Italy, South Korea and Iran, and this triggered the global market risk-off.
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BNP Paribas Wealth Management