Global equity indices approach oversold territory, downtrend deepens

(Bloomberg) - Global equity benchmarks fell steeply into oversold territory as risky assets sold off this month.

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The 14-day relative strength index of the MSCI All Country World Index fell below 33 on Tuesday, down from its October level. readings of 30 or lower indicate that market momentum may be reversing, as the sell-off may have been excessive.

The index fell nearly 4% in April and is on track for its first monthly decline since October as weakening Fed easing bets and a promotion in the Middle East conflict weakened the attractiveness of the stock market.

Read more about Fed repricing makes Asian stocks more vulnerable than others

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