Global stock markets suffer declines

The technical default on bond payments by Argentina, data flow in the U.S. is suggesting that the Fed may have to raise interest rates sooner rather than later, and concerns that stock markets are overvalued finally soured investor sentiment yesterday and global equity markets sold off.  Up until then and in the face of numerous geopolitical risks and events markets had maintained their composure with many pushing to new all-time highs.    We have written before that ‘bull markets climb walls of worry’ and we view this latest move as an opportunity rather than the start of any prolonged downward move.