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Risk assets are being sold off sharply early Monday following last week’s return of volatility. After dropping below 24 in the first week of June, the CBOE’s VIX almost doubled on Friday, reaching a high of 44 before settling at 36. The broad shift in mood was sudden on Thursday with US stocks experiencing their biggest declines since mid-March. The rally, driven by monetary and fiscal stimulus, suddenly appeared on shaky grounds as if investors realised they can no longer be detached much further from economic fundamentals. But once again, the surge in Covid-19 cases was to blame.The... Read More
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