Is the FTSE getting the message that there’s a recession?

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The FTSE seems to be getting the message that there's a recession coming:

These things can reverse, I know. Maybe it will. But it is hard to see a good reason why it should for some time to come. We are facing recession, war, long-Covid, inflatiobn and universal central bank incompetence in the face of these threats. You have to be a quite exceptional optimist to spot rising value in such a situation. My suspicion is that this supposed store of value will see its bubble burst for some time to come.