Market Exuberance Faces Biggest Test Yet From Confluence of Risk
- Currency market underpricing risk, Nomura’s Rochester says
- AllianceBernstein takes profit in credit before furlough ends
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Markets may be headed for a wake-up call as scenarios that investors brushed aside to fuel a global rally move closer to reality.
These include seeing the rate of Covid-19 infections pick up in nations that have eased lockdowns, growing tension between the U.S. and China and corporate finances faltering. The number of defaults in China’s dollar bond market is climbing and second-quarter earnings are just around the corner.