James Mackintosh
speaker
379 appearances
7 recordings
1 series
first heard Nov 2017
last heard Nov 2024
James Mackintosh’s voice in public audio — every appearance, attributed to the second.
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Appearances
are sitting on cash and want to invest it.
But nonetheless, yes, I think that this is primarily about and indeed clearly started with a correction in the high-flying sort of disruptive technology stocks, the FAANGs, people like Amazon in particular, Netflix.
These stocks that had made huge gains this year were also then the biggest fallers as the month
as the fall started in the early part of the month.
But the narrative, you started talking about this being chapters of a book, the narrative started with this correction in the tech stocks, which I regard as pretty healthy because I thought they'd gone up too far.
So them coming back down, that's fine.
But now people are starting to grow concerned about the economy and that's showing up in lots of different places in the markets.
and, of course, in the generalized global sell-off, which isn't primarily about technology.
That's a bigger and more worrying phenomenon, if it turns out to be right.
The market wants, or investors want, to try and anticipate the economy in the future because, of course...
A stronger economy typically means better profits, which is good for the share prices.
And at the moment, they're anticipating that the economy won't be as strong as they thought.
And maybe that's because they were over-optimistic before.
But it's not obvious that much has actually changed this month in economic terms.
And a little bit has changed in geopolitical terms around
italian politics and the italy's confrontation with the european commission over its budget and also obviously in saudi arabia and their relationship with turkey and the rest of the world and they're an important oil supplier or the most important oil supplier nonetheless these are not obviously the direct causes of of what's been going on so i think broadly people have just become more cautious and because the market's falling they're translating that into bad news for the economy
Well, yes, certainly.
I mean, it's possible.
At the moment, the market, as part of its sort of marking down of future economic growth, has also been lowering its expectation of Fed rate hikes.
And that, of course, in principle could, if the market's right about that,
Showing 241–260 of 379 · page 13 of 19
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