Nic Spicer: Just how nervous should clients be about equities?

September saw the first real global equity sell-off in about a year, begging the question: "Just how nervous should clients be about equities from here?" The sell-off was sparked first by fears that Chinese property developer Evergrande Group's likely default could result in a Lehman-style credit event in China. Markets had barely stabilised before hawkish central bank messaging from the Fed and, to a lesser extent, the Bank of England, led to an increase in global yields which led to a bond sell-off and further equity weakness. In these cases, it's natural to ask whether there is more t...