Top Line

As a growing number of investment banks and company chiefs warn that a recession is looming, analysts at Morgan Stanley are telling clients that the stock market – despite heavy selling in recent weeks – has plenty of room before falling. Hit levels in line with recessionary lows, which will be particularly bad for cyclical industries such as travel and hospitality.

Key Facts

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Despite major stock indexes falling more than 20% from recent highs, the market is still down about 60% of the average decline compared to the previous recession (which reflects two consecutive quarters of negative GDP growth). is), Morgan Stanley analysts told clients in Tuesday’s note.