Anthony Rayner: Q4 rout? What Q4 rout?

Market pulse

clock • 2 min read

Since the 'Fed pause' was announced in January, markets have bounced back sharply from their 2018 low but, says Anthony Rayner, while risk-on assets are now offering investors a consistent message, safe havens are not

Since the ‘Fed pause', communicated loud and clear on 4 January, equity markets have bounced back sharply from their low points towards the end of last year. While many have made double-digit gains year-to-date, more worthy of year-end rallies, many developed markets remain below their end-of-Q3 2018 highs. Drilling down into equity sectors, the bounce-back was driven by the Q4 dynamics reversing quite consistently at a sector level. The more risk-on sectors suffered more in the final quarter of last year but bounced back more to the end of February, while the more risk-off sectors suffe...

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