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Everything That Worked in Global Markets in 2019 Suddenly Doesn't

  • Defensive stocks, Treasuries, dollar turn lower as oil gains
  • Investors preparing for growth slowdown undo some trades
RF markets stocks red crash

Source: Getty Images

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Go long the dollar, Treasuries and defensive stocks. Sell metals and the pound. It was an investing playbook that worked virtually all year -- until suddenly it didn’t.

For a second straight day, 2019’s biggest winners across assets are getting hammered as investors reassessed expectations for global economic growth. The Treasury market set the tone, with a 10-month rally grinding to a halt Friday after data on the American consumer and labor market signaled a recession is far from imminent.