Markets
Navigating the Recovery Trade Is Getting a Whole Lot Trickier
- SocGen, JPMorgan conflict with Prudential over value shares
- Treasury outlook sees opposing views from HSBC, JPMorgan Asset
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The easy part of the recovery trade may be over.
Global markets look to have reached a turning point in their rebound from pandemic lows. In previous phases there was an unusual cohesion of views around havens like gold and the stay-at-home trade, followed by bets on a value rotation and steepening yield curve. What comes next is much less clear.