Analysts' view: Market jitters over second COVID-19 wave are an overdue pullback

FILE PHOTO: A man crosses a nearly deserted Fulton Street in the financial district in lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar

“It’s unrealistic for the markets to factor in a V-shaped recovery, look at the Chinese numbers today ... retail sales are still down.”“The fall is heavier in South Korea today because second-wave concerns added to the escalating of tensions with North Korea. North Korea made it clear its next step will be taken by the military, so there’s certainly heightened geopolitical risks.

“The market had run up sharply since hitting a low in March and that was based on a lot of optimism about the economy. But now investors are getting a reality check. Markets are now realising the COVID situation is not under control yet.”“Markets have ignored the number of new cases and rallied until now because everyone jumped on the economic recovery bandwagon. Now positions are so long that people are more likely to react to negative news, like what is happening in Beijing.

“These past few trading days, when there were uncertainties around the epidemic, the dollar index has been bouncing back. That means pressure on the Asian currencies. Capital may leave Asia for the U.S., that is negative for Asian markets.”“Usually after such a long run, there’s a pause. There’s a lot we don’t know about the virus itself, and the market is grappling with that uncertainty. But we are now better prepared. We know what sensible things to do.

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The roller coaster continues. Perhaps we should focus on other matters than the current schizophrenia of the stock market? After all, it doesn’t reflect the true economy.

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