Morgan Stanley breaks down which markets provide the clearest hints of a downturn

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• Strategists at Morgan Stanley have put together a guide on which assets are most consistent with the final stages of a bull market.
• "Our current environment of rising inflation, strong data, tighter policy, flatter yield curves and more volatility is consistent with a late-cycle market," they said. 

The agreed definition of a bear market is a 20% decline from the most recent high. 

But it's not as straightforward to predict when a bear market is looming. Moreover, the bear markets in the 1980s crash, the dotcom bubble, and the 2008 financial crisis were all preceded by strong final rallies.See the rest of the story at Business Insider

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