Asian markets were not spared on Friday, with Australia's ASX 200 index chalking up the greatest fall in the Asia-Pacific with a drop of 3.06 per cent.
Ms Pan believes this dip was an adjustment, and that the uptrend is still intact. She noted that there has been little flight to safety with muted movements in safe haven instruments, US treasuries and gold. This goes to show that it was not a broad-based risk-off reaction. The magnitude of declines in the Asia-Pacific was smaller than the Wall Street's, with some indices seeing smaller losses by the closing bell.
He added:"Based on estimates of these dynamics, we believe the technical drivers for the sell-off have exhausted themselves and that the market will stabilise here . . . Longer term, we still remain positive on equities as the rebound narrative is intact, supported . . . by better-than-expected initial jobless and continuing claims."
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