NEW YORK - Bridgewater Associates said in a commentary sent to investors on Tuesday that it believes the sell-off in Japan's equities the previous day was exaggerated and that the stocks remain somewhat attractive, according to two sources familiar with the letter.
On Monday, the Nikkei sank 12.4% in its biggest daily sell-off since the 1987 Black Monday crash, after a job data report on Friday showed a higher-than-expected U.S. unemployment rate, raising concerns about a recession in the world's largest economy.Investors also started to unwind yen-funded trades that had been used to finance the acquisition of stocks for years after a surprise Bank of Japan rate hike last week, exacerbating market moves.
The hedge fund told its investors that it continues to view Japanese equities as somewhat attractive.Global macro hedge funds such as Bridgewater trade across equities, fixed income and commodities in different geographies, betting on global trends. “A lot of global macro managers going into this year were pounding the table that these dislocations would be very beneficial to them and they would be able to take advantage of these opportunities. Unfortunately, I think you're going to see some disappointment,” he said.The FBI foiled a Pakistani national’s plot to assassinate former President Donald Trump and more American officials last month, according to court documents unsealed on Tuesday.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheHillTimes - 🏆 11. / 79 Read more »