The new abnormal: What can we learn from last week’s market wobble?

The new abnormal: What can we learn from last week’s market wobble?
A trader signals an offer in the corn options pit at the Chicago Mercantile Exchange Picture: Getty Images

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Paul Samuelson, the first American to win the Nobel Prize for Economics, once famously observed that the stock market has forecast nine of the last five recessions.

It was a pungent take on the tendency to read too much into market wobbles and is particularly relevant after a week in which stock markets plummeted around the world, wiping billions off the value of shares in the US, Europe and Britain.

Even the Iseq reacted as...

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