Markets Are Already Shrugging Off the Selloff That Barely Was
Michael Shaoul, chairman and chief executive officer at Marketfield Asset Management, discusses the issues behind last week's market decline and markets staying focused on economics over politics. He speaks on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
The so-called havens that benefited from escalating geopolitical tensions have quickly become the have-nots, as markets begin to put last week’s bout of stress behind them.
With the notable exception of high yield, appropriately-named-or-not risk assets were bruised but not broken amid the dramatic rhetoric between the U.S. and North Korea. In some cases, they found support from technical indicators that spared them harsher punishment, while other markets didn’t approach levels that would cause investors to question the durability of this year’s rally.