These sectors are looking so cheap that ESG considerations will have to be put on standby, strategist says

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Wariness that set in at the end of Monday’s session is morphing into full-on anxiety for Tuesday, as bond yields surge and stock futures drop, led by a hefty fall for Nasdaq-100 futures. Some of that may be down to a U.S. government shutdown threat amid Republican/Democrat brinkmanship over a debt ceiling. But it’s also down to an awakening over an energy crunch in Europe and elsewhere that may not leave U.S. investors alone, say analysts. “I think yesterday was the first sign in quite some time where we got a glimpse of what an energy crunch, and more important, high interest rates mean for equities,” said Peter Garnry, head of equity strategy at Saxo Bank, in a podcast on Tuesday. Energy prices are surging in Europe this morning, including natural gas, and one of the region’s big competitors is China. That global powerhouse has been suffering electricity shortages that have closed factories, which could worsen COVID-19 pandem
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