Friday’s world retreat from riskier belongings exposes a vulnerability of the broad market advance of the previous yr and a half: the rising use of leverage, or borrowed cash.
Merchants mentioned the Black Friday rout, which hammered shares and power costs from France to India to the U.S., doesn’t essentially presage a broader pullback until additional dangerous information concerning the new variant of Covid-19 involves gentle. However the reversal underscores the fragility of the rebound from the March 2020 lows, which ranks because the quickest return to file highs following a decline of not less than 20% from a earlier peak.
