Wall Street banks are warning investors to brace for a new wave of declines in global markets after stocks rushed back towards a bull market from the ugly falls driven by coronavirus in March.
The US benchmark S&P 500 index had jumped 2 per cent by lunchtime on Wednesday, placing it 20 per cent above the nadir of March 23 in a bounceback that has been almost as intense as the sell-off it followed.
But many strategists warn that while central banks and governments have taken the sting out of market disruption with their interventions, more problems may lie ahead.
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