The global market sell-off is likely to continue in the coming days following “genuine market panic” last week, Rabobank strategists said on Monday.
Following weaker-than-expected U.S. jobs data released on Friday, interest rate markets are pricing in a bold 0.5 percentage point cut from the Federal Reserve at multiple meetings this year.
US tech stocks led the sell-off, plunging from all-time highs reached just weeks ago.
“Very few people in the markets or the financial media said much bad when that bubble burst, but when things turned around they were calling for rate cuts,” said Michael Every, global strategist at Rabobank.
For some investors, that means “tails I win, heads I don’t lose,” he added.
