UBM - Cyclical And Value Stocks Flourish In Global Bond Rout

• While unnerving, the late-February surge in global bond yields was a game-changer for equity market leadership, with important implications for navigating the road ahead.
• The rebound in financials dates from last November when vaccine breakthroughs stoked hopes for the global economy to fully reopen later this year, and improved the outlook for sector profitability.
• The Value factor has bigger exposures to financials and other cyclical sectors of the economy most damaged by the pandemic last year, and which have enjoyed the strongest upgrades to forward-looking EPS forecasts.

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