Financial markets have fallen foul of US rate rises with forecasts of a bear market

The big surprise in the second quarter was not that US interest rates finally began rising, but that almost every type of investment strategy generated losses as a result. Does this mean that the global bull market is over and investors should dash for cash? It is logical that US bond prices fell, and understandable that US shares suffered a setback as a result, but why should European and Japanese markets also experience setbacks when their interest rates remain unchanged and why should hedge fund strategies be affected? Surely at least some kinds of hedging strategy should be profitab...