Comment: Beware of August, the month of grave economic events
Some of the most chaotic moments in financial history, from 1929 to 2008, have occurred during autumn, and 2020 could exceed them – but there is also hope on the horizon
In an April commentary about the wild gyrations in financial markets during the February-March phase of the pandemic, I noted that the behaviour of equity markets had been as bewildering, complex and fascinating as ever. Still, I suspected that a weird logic was at work, and argued markets might continue to rally despite the collapse of the world economy. And so they have. Will that change?
In my 40 years of observing and participating in...
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