{"id":15061,"date":"2024-08-09T10:21:25","date_gmt":"2024-08-09T14:21:25","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?p=15061"},"modified":"2024-08-09T10:34:56","modified_gmt":"2024-08-09T14:34:56","slug":"global-equity-offense-still-on-the-field-defense-ready-for-the-call","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call","title":{"rendered":"Global equity: Offence still on the field; defence ready for the call"},"content":{"rendered":"\n

\n Equity markets backed off sharply in less than a week. The spark that\n ignited this was a much weaker-than-consensus U.S. employment report. At\n the least it would appear the market is in a correction that probably has\n weeks or months to run. At the worst, this may be the opening frame of an\n outright bear market. There are arguments that support both outcomes.\n However, what seems most probable is that the relentless march to new\n highs is over for now.\n <\/p>\n

\n The most compelling factor supporting the idea that this will play out as\n a correction rather than the start of a bear market has been market\n breadth \u2013 the majority of stocks in most major global equity indexes have\n been moving in sync with their respective indexes. That is to say, to take\n the S&P 500 as an example, when the index has been moving higher,\n measures of breadth have also been rising. Both have also moved in tandem\n when the market was pulling back. The turning points, whenever the trend\n changed, have been within a couple of days of each other.\n <\/p>\n

\n Breadth is an important market factor to monitor because measures such as\n advance-decline lines and unweighted indexes usually break down and start\n moving lower several months before the more closely watched\n capitalisation-weighted indexes, such as the S&P 500, set their final\n peak for the cycle. So far, no such negative divergence has appeared,\n suggesting that once this correction has played out the bull market could\n have further to run.\n <\/p>\n \n

All together now<\/h3>\n

\n It\u2019s not just the \u201cMagnificent 7\u201d; the majority of the stocks in the\n S&P 500 were moving higher for most of the past 21 months. This\n broad-based advance is not yet showing any internal signs of weakness.\n <\/h4>\n
\n
\n \"Yields\n

\n The chart shows the yields of the U.S. Aggregate Bond Index and the\n Japan Aggregate Bond Index in 2024. The indexes moved higher together\n through the spring, but began to diverge in the summer when the U.S.\n index yield began trending lower while the Japan index continued to\n move higher until plateauing. Yields on both indexes dropped sharply\n at the end of July.\n <\/p>\n

    \n
  • \n
    <\/div>\n S&P 500 Index\n <\/li>\n
  • \n
    <\/div>\n S&P 500 Equal Weight Index\n <\/li>\n
  • \n
    <\/div>\n S&P 500 advance-decline line\n <\/li>\n <\/ul>\n

    \n Source – RBC Wealth Management, FactSet, Bloomberg; data through\n 8\/6\/24\n <\/p>\n <\/div>\n <\/div>\n

    \n Earnings are also on the positive side of the ledger. So far, the\n consensus estimate for this year\u2019s S&P 500 earnings has hovered around\n $242 per share with next year\u2019s at $277, as measured by FactSet. The\n current-year estimate usually erodes from the beginning of the year\n through the first half and further into the fourth quarter. However,\n uncharacteristically, it has risen slightly since the start of the year.\n Historically, investors would have expected a drop of about 3 percent in\n estimated 2024 earnings over that stretch.\n <\/p>\n

    \n On the momentum front, our proprietary weekly Quadrant Balance measure\n that tracks the percentage of S&P 500 stocks with rising momentum\n looks to have peaked and is coming down but is nowhere yet near levels\n that would rate as oversold.\n <\/p>\n

    There are a number of factors that bear watching:<\/strong><\/p>\n

    \n Weakening employment metrics:<\/strong> While employment data has been repeatedly\n characterised as \u201cstronger-than-expected\u201d and \u201cresilient,\u201d a closer look\n reveals a picture that has steadily weakened over the past 18 months.\n <\/p>\n

    \n The nonfarm payroll report has repeatedly been the source of employment\n optimism, but almost every month\u2019s data has been revised lower the\n following month. That picture looks even softer when government is\n excluded to give just the jobs added in the private sector.\n <\/p>\n

    \n And when one looks at the Business Employment Dynamics data prepared by\n the Bureau of Labor Statistics (BLS), with a six-month lag, which adds in\n the jobs created by newly formed businesses after deducting those lost to\n business closures, \u201cstrong\u201d is no longer the correct adjective to use. By\n the BLS\u2019 estimate, the private sector added about 850,000 fewer jobs in\n 2023 than the 2.3 million that the monthly payroll data suggested.\n <\/p>\n

    \n And the household survey, which includes the self-employed, has\n consistently tracked lower than the nonfarm payroll data. Meanwhile,\n monthly unemployment claims have risen three of the past four months. The\n unemployment rate is up five of the past six and now sits at 4.3 percent for the\n first time since October 2021.\n <\/p>\n

    \n The number of unemployed persons in the U.S. is now 21 percent higher than it was\n 12 months ago. Rising unemployment goes beyond the loss of spending power\n for those who have lost jobs. The larger impact comes from the increase in\n precautionary savings on the part of employed people who take the\n worsening unemployment rate as a signal to prepare for a rainy day.\n <\/p>\n

    \n Federal Reserve cuts may not prove to be a panacea:<\/strong> For several quarters,\n investors have been expecting the first Fed rate cut to be just around the\n corner. September is now viewed as the most likely kick-off month. At its\n peak just a few weeks ago the S&P 500 was up a startling 38 percent from the\n fall lows. Even the less tech-supercharged Equal-Weighted version of the\n index was ahead by 33 percent. It would seem the market had prepaid for that\n hoped-for rate cut, perhaps more than once.\n <\/p>\n

    \n What happens when the rate cut arrives? There is always the possibility\n investors will greet the Fed cut enthusiastically and push share prices\n higher in anticipation of more rate cuts to come. However, in our view,\n there is a greater chance that investors will decide the glass is more\n than half empty and that the Fed is cutting because it sees economic and,\n therefore, earnings weakness looming ahead. History favours the second\n interpretation: in eight of the past 10 recessions the first Fed rate cut\n arrived before or just as the economic downturn was getting underway. An\n equity bull should be hoping the expected Fed rate cut comes off the table\n because the economy turns out to be too strong to permit one.\n <\/p>\n

    \n That is not how some other central banks are feeling. The Bank of Canada\n just implemented its second cut and telegraphed a third for September\n because inflation is falling while the Canadian economy is threatening to\n weaken further. The European Central Bank looks like it may be on a\n similar path for similar reasons.\n <\/p>\n

    \n Investors have been expecting higher share prices:<\/strong> Investor sentiment\n prior to the pullback was ranging between euphoric and merely bullish.\n Complacency may be justified if the consensus earnings outlook \u2013 $242 per\n share for the S&P 500 this year and $277 for next \u2013 holds together. So\n far, with most of Q2 reported, this year\u2019s estimate looks makeable. But we\n would find it easier to be constructive about the market\u2019s near-term\n ability to shake off the current downturn if investor sentiment readings\n were much more pessimistic. Worthwhile market uplegs that carry the\n indexes sustainably into new high ground usually begin from deeply\n depressed readings for both momentum and sentiment. We are not there yet.\n <\/p>\n \n

    Committed, but \u2026<\/h2>\n

    \n Corrections can and do arrive unannounced from time to time \u2013 we\u2019ve already\n had two notable ones come and go since the 2020 pandemic market low. A\n price-to-earnings multiple north of 20x, monetary and fiscal policy\n uncertainty, and dramatic political curve balls are just some of the\n potential catalysts that could trigger a further pullback. So too could\n collateral damage from yen volatility or any Q3 corporate\n pre-announcements which pointed to a weakening U.S. consumer spending\n outlook.\n <\/p>\n

    \n It\u2019s already the case, in our view, that the steady rise in the\n unemployment rate, at a time when consumer confidence is low and the\n excess household savings built up during COVID fully depleted, removes\n important bricks from the wall that had been supporting the idea of a\n \u201csoft landing\u201d for the U.S. economy.\n <\/p>\n

    \n We continue to recommend a defensive posture in equity portfolios, with an\n emphasis on high-quality dividend-paying shares. While we don\u2019t think\n there is enough evidence to conclude that a recession is a fait accompli,\n we think core equity holdings should be confined to stocks that can better\n withstand further economic deterioration or a recession, with valuations\n supported by prospects for earnings growth.\n <\/p>\n

    \n We are closely monitoring market breadth and sentiment for any signs that\n a more defensive posture should be considered. Until then, we think a\n watchful commitment to equities in a global balanced portfolio is called\n for.\n <\/p>\n","protected":false},"excerpt":{"rendered":"

    The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.<\/p>\n","protected":false},"author":15,"featured_media":15062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-08-08T10:12:10","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[80],"tags":[591,165],"rbcwm_content_owner":[506],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[81],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-15061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-global-equity","tag-inflation","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.","rbcwm_post_author":[966],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":["Yes"],"omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[8231],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nGlobal equity: Offence still on the field; defence ready for the call<\/title>\n<meta name=\"description\" content=\"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global equity: Offence still on the field; defence ready for the call\" \/>\n<meta property=\"og:description\" content=\"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\" \/>\n<meta property=\"og:site_name\" content=\"RBC Wealth Management\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-09T14:21:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-09T14:34:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/scl-woman-checking-stock-market-charts-on-phone-hor-EU.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"taravandenberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\"},\"author\":{\"name\":\"taravandenberg\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/8803578712bd073b70bbc17e6909b59b\"},\"headline\":\"Global equity: Offence still on the field; defence ready for the call\",\"datePublished\":\"2024-08-09T14:21:25+00:00\",\"dateModified\":\"2024-08-09T14:34:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\"},\"wordCount\":1398,\"publisher\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg\",\"keywords\":[\"global equity\",\"inflation\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\",\"name\":\"Global equity: Offence still on the field; defence ready for the call\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg\",\"datePublished\":\"2024-08-09T14:21:25+00:00\",\"dateModified\":\"2024-08-09T14:34:56+00:00\",\"description\":\"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg\",\"contentUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg\",\"width\":3210,\"height\":2140,\"caption\":\"Business Woman hand using smart phone with cafe shop. Stock market charts on phone and laptop screen. Checking financial market. Tradingview\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Global equity: Offence still on the field; defence ready for the call\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\",\"name\":\"RBC Wealth Management\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\",\"name\":\"RBC Wealth Management\",\"alternateName\":\"RBC Wealth Management\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png\",\"contentUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png\",\"width\":3000,\"height\":2000,\"caption\":\"RBC Wealth Management\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/8803578712bd073b70bbc17e6909b59b\",\"name\":\"taravandenberg\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/807f9a5b689d28ecee3262e00b8755e7d4849ada61e3144de1a2d65c713bfc12?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/807f9a5b689d28ecee3262e00b8755e7d4849ada61e3144de1a2d65c713bfc12?s=96&d=mm&r=g\",\"caption\":\"taravandenberg\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Global equity: Offence still on the field; defence ready for the call","description":"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call","og_locale":"en_GB","og_type":"article","og_title":"Global equity: Offence still on the field; defence ready for the call","og_description":"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.","og_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call","og_site_name":"RBC Wealth Management","article_published_time":"2024-08-09T14:21:25+00:00","article_modified_time":"2024-08-09T14:34:56+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/scl-woman-checking-stock-market-charts-on-phone-hor-EU.jpg","type":"image\/jpeg"}],"author":"taravandenberg","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#article","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call"},"author":{"name":"taravandenberg","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/8803578712bd073b70bbc17e6909b59b"},"headline":"Global equity: Offence still on the field; defence ready for the call","datePublished":"2024-08-09T14:21:25+00:00","dateModified":"2024-08-09T14:34:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call"},"wordCount":1398,"publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg","keywords":["global equity","inflation"],"articleSection":["Analysis"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call","name":"Global equity: Offence still on the field; defence ready for the call","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg","datePublished":"2024-08-09T14:21:25+00:00","dateModified":"2024-08-09T14:34:56+00:00","description":"The market pullback will take time to play out. Planning for an eventual shift to defence beats a \u201chope for the best\u201d approach.","breadcrumb":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#primaryimage","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg","width":3210,"height":2140,"caption":"Business Woman hand using smart phone with cafe shop. Stock market charts on phone and laptop screen. Checking financial market. Tradingview"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/global-equity-offense-still-on-the-field-defense-ready-for-the-call#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/"},{"@type":"ListItem","position":2,"name":"Global equity: Offence still on the field; defence ready for the call"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/","name":"RBC Wealth Management","description":"","publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization","name":"RBC Wealth Management","alternateName":"RBC Wealth Management","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png","width":3000,"height":2000,"caption":"RBC Wealth Management"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/8803578712bd073b70bbc17e6909b59b","name":"taravandenberg","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/807f9a5b689d28ecee3262e00b8755e7d4849ada61e3144de1a2d65c713bfc12?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/807f9a5b689d28ecee3262e00b8755e7d4849ada61e3144de1a2d65c713bfc12?s=96&d=mm&r=g","caption":"taravandenberg"}}]}},"jetpack_featured_media_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/08\/woman-checking-stock-market-charts-on-phone.jpg","jetpack_sharing_enabled":true,"publishpress_future_action":{"enabled":false,"date":"2026-04-21 11:10:51","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"RBC Wealth Management","distributor_original_site_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu","push-errors":false,"last_revision_date":"2024-08-09 10:33:50","_links":{"self":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/15061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/comments?post=15061"}],"version-history":[{"count":7,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/15061\/revisions"}],"predecessor-version":[{"id":15069,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/15061\/revisions\/15069"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_cta\/8231"},{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_people\/966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/media\/15062"}],"wp:attachment":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/media?parent=15061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/categories?post=15061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/tags?post=15061"},{"taxonomy":"rbcwm_content_owner","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_content_owner?post=15061"},{"taxonomy":"rbcwm_need","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_need?post=15061"},{"taxonomy":"rbcwm_segment","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_segment?post=15061"},{"taxonomy":"rbcwm_solution","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_solution?post=15061"},{"taxonomy":"rbcwm_topic","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_topic?post=15061"},{"taxonomy":"rbcwm_channel","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_channel?post=15061"},{"taxonomy":"rbcwm_format","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_format?post=15061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}