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Market sell-off explained

08 September 2020

Chief Investment Officer Bernard Swords outlines the reasons for last week’s market turbulence amidst a backdrop of better-than-expected US unemployment data and positive sentiment indicators. 

• Headline indices in the US saw a technology-led decline last week while cyclical stocks began to perform better. 

• Covid laggards such as industrial companies, banks, building material companies started to catch up with Covid beneficiaries or FANG stocks like Tesla, Apple and Microsoft. 

• Meanwhile, positive sentiment indicators and better-than-expected non-farm payrolls last week give rise to some signs of a tentative recovery and is supportive of the Goodbody Investment Team’s cautiously optimistic stance for investment portfolio positioning. 

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