(CNBC) This spike in volatility was a “huge overreaction,” Gerry Fowler, head of European equity strategy and global derivative strategy at UBS on Tuesday. UBS had been expecting volatility levels to increase from levels seen earlier in the year, he explained, as historically, the combination of declining nominal GDP, interest rate cuts and uncertainty about the jobs market has boosted volatility.
Recent volatility spike was a ‘huge overreaction,’ but expect more ahead, UBS strategist says
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