In the first half of July, it was as if nothing could go wrongfor the equity markets and the upward trend continued. The turning point came in the middle of the month,
especially in the US. Investors shunned big tech equitiesand suddenly showed a preference for small-cap equities. This was still a positive broadening of the equity rally, but worse-than-expected economic data towards the end of the month caused investors to take fright, causing equities to fall across a broad front. This was all against a
background of a sharp downturn in bond yields.
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