Second Quarter Market Perspectives Executive Summary. Inside, you will find a summary of market activity and our market outlook.
Equities’ rocky, fear-filled first half intensified in Q2, with global developed markets approaching a -20% decline in May and piercing that threshold in mid-June. From a technical standpoint, history will recall this as a bear market, although we don’t think that a backward-looking label has much forward-looking significance. The difference between a steep correction and a shallow bear market is not meaningful as both usually precede strong rebounds.