UBS On-Air: Paul Donovan Daily Audio 'Another convulsion'

Technology equities are having one of their periodic convulsions—without any obvious economic driver. The South Korean market is at levels last seen in April. This underscores the speed of technology equities’ rise; that speed limits the correction’s economic consequences. Households are still likely to spend—cash stockpiles and the ability to reduce how much income has been saved, more than equity wealth effects, have been sustaining consumer spending.