More dismal China data, a dovish about-face by the European Central Bank and a lackluster U.S. jobs report all left stock-market investors feeling the weight of the world on their shoulders this past week, sending Wall Street equities on a five-day skid on rising fears that a global slowdown could derail a bull market that celebrates its 10th anniversary on Saturday.
Dismal China data, a dovish about-face by the European Central Bank and a lackluster U.S. jobs report all left stock-market investors feeling the weight of the world on their shoulders this past week, sending Wall Street equities on a five-day skid on rising fears that a global slowdown could derail a bull market that celebrates its 10th anniversary on Saturday.
“In my mind, this is more of an issue that there’s nothing to fear but fear itself,” said Putri Pascualy, managing director at Paamco, an Irvine, Calif.-based institutional investment firm, in a phone interview. The global economy is still growing, as is the U.S. Investors in risky assets, however, may have gotten ahead of themselves as the calendar flipped over to 2019, she said.
Stocks ended off session lows on Friday, but slumped early after data showed a sharp slowdown in U.S. job creation in February. The jobs data wasn’t all bad, however, with the unemployment rate falling and wage growth showing a pickup. Pascualy and other investors, however, argue that rising wage growth could prove a headwind for stocks if firms are unable to pass on rising labor costs to consumers.Earlier, Chinese data showing a 20.
Pascualy said the question for the market is less about whether the U.S. is facing recession and more about “how are investors repricing risk…and how much investors want to get paid per unit of risk is more the story than any fundamental change.” Even with global central banks taking a more dovish turn, “we still think that global growth will continue to weaken, putting pressure on corporate earnings and triggering a flight to safety,” said de Barochez at Capital Economics.
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