Anthony Rayner: Q4 rout? What Q4 rout?

Since the ‘Fed pause', communicated loud and clear on 4 January, equity markets have bounced back sharply from their low points towards the end of last year. While many have made double-digit gains year-to-date, more worthy of year-end rallies, many developed markets remain below their end-of-Q3 2018 highs. Drilling down into equity sectors, the bounce-back was driven by the Q4 dynamics reversing quite consistently at a sector level. The more risk-on sectors suffered more in the final quarter of last year but bounced back more to the end of February, while the more risk-off sectors suffe...