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Not just about low bond yields: Eye on the World 04/09/20
04/09/2020
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Tech sell-off yesterday a healthy pause after dramatic outperformance, and with underlying positive rotation into cyclicals and reopening stocks. Markets are well-supported, with upside catalysts.
HOT TOPICS see’s low bond yields as far from the only market support, with a short/sharp recession outlook and structurally high profitability also key. Our 21.5x ‘fair value’ P/E supports current valuations. All else equal a 50bps yield move cuts our P/E by 9%.
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