The US stock market, relative to the rest of the world, has had its worst start to the year since 1993. Down 14 per cent since 1 January, global investors have shifted their attention away from the US to more keenly-valued markets across Europe, the UK, and Asia which are flat for the year. This is a story of heightened economic uncertainty — amplified by the recent US tariff announcements — as well as US stock market valuations that are widely priced for perfection. Investors are looking for safe harbours while the economic storm blows through. Perfection appears like a distant port.
If this was simply a story of economic uncertainty as President Trump’s team tries to reboot America’s terms of trade, then it would
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