Now's not the time to sell stocks-if bond yields behave, says UBS

Don’t follow global panic and sell stocks just yet, says UBS. Improving global growth and earnings, plus a continuation of gains in emerging markets, will for now outweigh concern about tighter monetary policy, according to the Swiss brokerage. 

It says Friday’s steepest drop in US stocks since September 2016 should be judged in the context of the S&P 500 index trading without a decline over 5 per cent for more than 400 days, the longest streak since the 1950s. “We don’t believe that now is a time to reduce exposure to stocks,” Mark Haefele, global chief investment officer of wealth