UK's FTSE 100 slipped from a record high on Monday, after upbeat U.S. labour market data raised worries that the Federal Reserve could keep hiking interest rates for longer.
Globally, stocks wilted and government bond yields rose after upbeat economic data from the United States and other economies lessened the risk of recession, but also suggested rates might have to be hiked further.
"There is still clearly a lot of economic and geopolitical uncertainty globally, as economies are grappling with levels of inflation not seen for several decades," Fidelity International portfolio manager Alex Wright wrote in a note. Attractive valuation levels compared to overseas peers and the large divergence in performance between different parts of the market "create good opportunities for attractive returns from UK stocks in the next 3-5 years", he added.
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