21 September 2020: Week Ahead, 3 Weeks of Declines | AIA Update Global markets continued to sell-off on Friday (S&P 500 Index -1.1%) and the US market has now recorded 3 consecutive weeks of declines (which we didn’t even see in February or March). The US market is at a 6-week low and the Nasdaq Technology index has undone all of the August euphoria. While there wasn’t much in the way of news to blame for the fall in equities on Friday, there might be an element of market apprehension creeping in ahead of the upcoming US presidential election, at a time when equity market valuations are already very extended on traditional metrics. In Europe, markets were lower, weighed down by declines in travel and leisure shares on the threat of wider restrictions to ease the spread of coronavirus - as France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May.   Auckland Airport (AIA:NZX / AIA:ASX) AIA shares have been...