Sobering up; equities hit, Aussie dollar slides ahead of a slow recovery
Friday 4th September 2020There have been massive falls in US equities, particularly tech stocks. NAB\u2019s David de Garis says thin trading in summer can always create sharper moves, but there\u2019s little doubt a correction was overdue and tech stocks have borne the brunt of it. There\u2019s been no encouraging news to divert attention \u2013 the Services ISM number came in lower than expected, with the employment component still in contraction. The weekly jobless claims numbers remain persistently high, with non-farm payrolls providing more detail tonight. And the Fed\u2019s Charles Evans has suggested it\u2019ll take more than two years to see a full recovery. The biggest victim of this negative mood \u2013 other than retail investors feeling the equity hit \u2013 is the Australian dollar.
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