Current market action looks similar to October 1987 crash: Chris Wood

The 10-year Treasury bond yield rose by 203 basis points (bps), climbing from 8.2 per cent on June 17, 1987, to 10.23 per cent on October 15, 1987

Christopher Wood, the global head of equity strategy at Jefferies, believes that recent developments in the US Treasury have triggered a sell-off in global equity markets, reminiscent of the events leading up to the October 1987 stock market crash.

On October 19, 1987, the Dow Jones Industrial Average plummeted by 22.6 per cent in what later became known as Black Monday. Worldwide losses, as reported, were estimated at $1.71 trillion.

The potential similarity with the events of October 1987, Wood wrote in GREED & fear, his latest weekly note to investors, is that the historic stock market crash was preceded