The nine-year bull run in financial markets could be at an end as higher interest rates, a trade war, falling profits, eurozone imbalances and a potential US recession finally tip markets from boom to bust, economists have warned.
US markets are now at their peak and have no further to run, analysts at Bank of America Merrill Lynch believe.
As a result they recommend investors slash exposure to risky assets and instead buy gold, US treasuries and the dollar. This bear market will only come to an end when the Federal Reserve stops hiking interest rates and eases policy once more, which they believe will happen when sufficient, weak economic data appear.
That advice even extends to the tech giants...