While large, we would put the overnight moves in context - markets are generally still in positive territory for the month and it is very early to panic. There is likely to be continued volatility as we head into the US election in a weeks time.
It is set to be a busy week ahead with the focus on quarterly reporting season in the US and a number of AGM’s in Australia/NZ.
Banking stocks jumped on Friday after the Australian Federal Government announced it would loosen responsible lending laws as part of its economic recovery plan. Among the big four banks, Westpac was the strongest on Friday surging +7%.
In terms of the week ahead, investors will be looking for guidance from the world’s Central Bankers as they meet (virtually) at the Jackson Hole symposium. The topic this year is “Navigating the Decade Ahead: Implications for Monetary Policy”.
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