At least two more recessions on the way?

Developed economies face a minimum of two further recessions before a recovery pushes equities into bull market territory, according to SocGen's Albert Edwards.

The global strategist, known for his bearish views, said the market is currently riding another "burst of hope" which he defined as a short-lived cyclical rally. He warns equities remain in a long-term bear market cycle, with at least two more downturns for developed economies still to come. He said: "It is like in Japan. We saw huge rallies in the Nikkei on the back of short-lived cyclical recoveries. Each cyclical failure and further new low in the equity market saw hope being progressively crushed. Previous US-valuation bear markets typically take four or five recessions to fully p...