Analysis-Summer market shock not quite over as investors brace for more turmoil
LONDON - Big investors are bracing for this summer's stock market rout to run into the autumn, fearing a broader wave of selling will follow the turmoil sparked by U.S. recession concerns and the Bank of Japan wrong-footing currency speculators.
The buy-the-dip mentality, where investors typically respond to selloffs by making recovery bets, has been replaced by fear. Michael Kelly, head of multi-asset at PineBridge Investments, which oversees around $170 billion of client funds, is among those to have reduced his funds' stock market positions and he may pull back further.A first U.S. rate cut, expected next month, might be too late to rescue the economy, he added.A weak U.S.
UBS European equity strategy head Gerry Fowler said hedge fund selling was likely over but slower moving mainstream investment managers often take four-to-six weeks to adjust their portfolios. Pension funds would also further sell equity exposure and move into fixed income, Goldman Sachs strategist Scott Rubner said in a note, adding that the second half of September has been the worst period of the year for Wall Street since 1950.Russell Investments chief U.S. investment strategist Paul Eitelman said another weak U.S. jobs report would have the potential to spark fresh volatility.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Chris Paul mural in San Antonio; Summer Spurs remain undefeated at Vegas Summer LeagueHow did Castle look on the Summer League court before he was shelved?
Read more »
Katharine McPhee, 'Twisters' star Daisy Edgar-Jones go sheer for summer: HOT SUMMER PHOTOSKatharine McPhee, 'Twisters' star Daisy Edgar-Jones and many other celebrities were spotted out and about in various degrees of sheer dresses this week.
Read more »
28 Products If You Overheat QuicklyHot girl summer, nah...more like cool girl summer.
Read more »
Summer of Gold: CBS Announces Sports Miniseries About 1996 Summer OlympicsCBS Studios is developing a sports limited series about the 1996 Summer Olympics, titled Summer of Gold, which hails from producer Uzo Aduba.
Read more »
Nearly half of US kids without summer learning opportunities, poll showsOnly 55% of families say their children participated in summer learning opportunities during summer 2023.
Read more »
Bentley Azure | SpottedThere are suave summer soft tops, then there are suave summer soft tops
Read more »