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Financial market murder mystery: Why are so many so fearful? Add to ...

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Take it from a connoisseur of catastrophe: This is no catastrophe.

Stock markets have plunged, gold prices have soared and bond yields have swooned in recent weeks as investors have braced themselves for the worst. What is the worst exactly? Well, um, that’s a difficult question.

Unlike previous financial panics, people aren’t sure exactly what they fear this time around. Maybe it’s a hard landing in China, maybe it’s an unwinding of the yen carry trade, maybe it’s a retreat by sovereign wealth funds – and maybe, just maybe, it’s nothing at all.

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