Should we be thankful for small mercies? We can still debate whether there is a bear market in London’s shares, but that discussion is pretty much over and done with in the US, as the small table shows.
|The bear figures: how the UK and US compare|
|Index change this year (%)||-5.5||-21.3|
|Change on high (%)||-7.4||-21.8|
|Maximum one-day fall (%)||-3.7||-4.0|
|Source: FactSet; data relate to 2022|
When a market drops 5 per cent in almost six months, as has London’s as measured by the FTSE All-Share index, it is meandering with, perhaps, a better-than-even’s chance it will finish the year higher than it began. When it falls over 20 per cent from its high, as in the case of the S&P 500, the US equivalent of the All-Share, then it is a bear market. End of discussion.