Markets: Out of stock

Stocks looked cheap on most measures even before this week’s global equity market rout. But that should provide scant comfort to investors in the current environment. With so much uncertainty surrounding the state of the US economy, the future course of central bank policy-making and the outlook for corporate earnings, there’s a good chance they will get cheaper still. Following the 7% sell-off on Monday, European markets are now down 18% from their peak in October. That makes this already the ...