It is not a risk-off phase

Global equities have stumbled in recent weeks as euro area concerns escalated due to increased tensions with Russia and disappointing economic data. However, looking below the surface, equity markets outside of the euro area are not demonstrating an anti-growth, risk-off behaviour. Specifically, U.S. bond proxy sectors (consumer staples, telecom and utilities) have performed relatively poorly.

I am sorry but you do not have access to this page, which is for subscribers only. To become a subscriber, follow the Subscribe Now tab at the top of this page.

If you feel that you should have access to this material, but have been unfairly denied, please send an email to in the first instance.