Bears are back: The stagflation fears that turned stock markets an ominous shade of red

Image of the week: Bear market

After a succession of hammerings, Wall Street’s S&P 500 index finally entered a bear market on Monday, meaning stocks sank to a point that was more than 20 per cent beneath a recent peak, which in this case was back in January. While occasionally stocks can go gangbusters when things in the “real economy” are terrible, the inverse is much more rarely the case: these repeated seas of red stock tickers on the floor of the New York Stock Exchange are not a sign that anything good is happening or going to happen. According to New York investment research firm CFRA, nine of the 12 US bear markets since 1948 have been accompanied by recessions. And while Europe may not be home to so many precipitously valued mega-cap tech stocks now taking a tumble, the picture is not exactly much prettier this side of the Atlantic. The cause is the same – fear that higher interest rates, introduced to combat surging inflation, will prompt economic stagnation, otherwise known as the scourge of stagflation.

In numbers: Right to disconnect

20

Percentage of Irish people who are not aware of their “right to disconnect” from work under a code of practice introduced by Tánaiste Leo Varadkar last year, according to a survey by consultancy HR Buddy.

37

Percentage of employees who said their workplace didn’t have a “right to disconnect” policy. A further 31 per cent weren’t sure if they did or not.

9

Percentage of workers who said their mental health and wellbeing had “never” been affected by their work. Who are they, what is their secret and what do they do for a living?

Simone Gannon: Hailey Bieber’s sold-out skincare line lives up to the hype

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An Irish stonemason: ‘I want to upskill homeowners to carry out some of the work themselves’

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Quiet quitting: You always had workers who did 9-5 but it’s a creeping malaise, employers say

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Gerard Howlin: We now know which hospitals are overspending and which are delivering. Let’s fund them accordingly

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Getting to know: József Váradi

József Váradi is chief executive of Wizz Air (or W!zz Air) and has been for some time now – he co-founded the Budapest-headquartered budget airline back in 2003. But in all that time, is it possible that a golden rule of aviation – never fly tired – could have escaped the Hungarian? Váradi didn’t endear himself to pilot unions when he told employees at a recent internal meeting that the airline needed to “take down the fatigue rate” in order to stabilise its rosters and ease the problems caused by staff shortages. “We are all fatigued, but sometimes it is required to take the extra mile,” he said, taking an extra mile again not generally regarded as best practice in the business of take-offs and landings. This was akin to “handing the car keys to a drunk driver”, the European Cockpit Association claimed. Wizz Air said Váradi’s remark hadn’t been aimed at actual air crew and that other staff had been at the meeting at which he made it. The aviation staffing crisis continues.

The list: News, what news?

The proportion of people who say they sometimes or often avoid the news has increased both in Ireland and around the world, an international report by the Reuters Institute for the Study of Journalism said this week. But why?

1. Too much Covid: Some 43 per cent said they were put off by the repetitiveness of the news agenda, specifically “too much politics and Covid-19″.

2. Self-care: The news having a negative effect on their mood was a reason offered by 36 per cent, while 29 per cent said they were “worn out by the amount of news”. Relatable.

3. Trust issues: The perceived untrustworthiness or bias of news brands was a reason cited by 29 per cent of news avoiders.

4. And another thing: Some 17 per cent said consuming the news leads to arguments they would rather swerve.

5. Helplessness: And finally… 16 per cent said there was nothing they could do with the information delivered by the news anyway. Fair enough?