Friday, 25 Sep 2020 08:01 AM MYT
The Federal Reserve this week has talked up the importance of more fiscal stimulus amid investor fears of another economic hit from the coronavirus pandemic. Weak labor market data on Thursday underscored that need. “Investors are going to be needing stocks that can weather a lower growth path because if we don't get another round of fiscal stimulus, there's not going to be a lot more we can do to continue boosting the economic recovery,” said Max Gokhman, capital markets strategist at Pacific Life Fund Advisors.
Emerging market stocks lost 1.85 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.15 per cent lower, while Japan's Nikkei lost 1.11 per cent. Oil turned higher as the dollar weakened, but the prospect of slowing demand kept prices wobbly. A bullish drop in US crude and fuel inventories gave crude support.
“People want to sell the market because of what is going to take place in the election, then there are those who need to buy yield and any time the market backs up they are right in there,” said Tom di Galoma, managing director at Seaport Global Holdings in New York. “That is why we are in a very tight trading range at this point.”
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