Banks and utilities are high dividend-yield spaces and they become less attractive as bond yields rise. It's normal in an environment of rising bond yields to see stock markets correct.

The yields on offer are very attractive versus the local bond yield, especially compared with the U.S. or Australia.

Investors favor steel stocks due to attractive price-earnings ratios and high dividend yields.

Domestic bond yields have risen sharply and as a result utilities have lost their attractiveness.

That would lead to a rise in bond yields and in turn start to make equities look unattractive. If that happens on Wall Street, it's going to happen here in the UK, it's going to happen in Europe, and everywhere else.

Stock markets can still rise. Earnings are still growing. Investors shouldn't be worried about slightly slowing earnings growth.