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Before the summertime tans had even faded on the continent, the cheerful souls of the European Securities and Markets Authority dropped a 110-page report, dedicated in part to outlining risks to investors based on observations from the opening half of this year.

Most bears have already thrown in the towel, chucked away their prognoses of doom and learnt to love, or at least accept, a rally in risky assets that seems impervious to grim news, patchy data and elevated valuations. Esma seems less willing to gloss over the cracks.

“We expect to continue to see a prolonged period of risk to institutional and retail investors of further — possibly significant — market corrections and see very high risks across the whole of the Esma remit,” it said. 

Most market predictions come from people with skin in the…

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