Expect some volatility but it's not the start of a bear market

Inflation, economic slowdown, rising interest rates and a normalisation of corporate earnings represent the sum of all fears for risk assets and, in particular, equities. The question is whether this is actually happening now.

After the strong stock market rally in the past 19 months, investors are understandably nervous. Inflation and signs of slower growth are providing excuses to take some money off the table.