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by 13 per cent and the S&P 500 Index by nearly 20 per cent in less than a year.
The tide is still going out as central banks wind down their inflation-fighting rate hikes but the question driving up the fear gauge is whether it can be contained by the measures governments and central banks are taking. Another way of putting it is “contagion.” Similarly, the energy sector has tanked by 12.5 per cent since the start of 2023 compared with technology, which is up by nearly the same amount. It was the opposite in 2022 when technology tanked and energy rallied.
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