No fears of bear market, AMP Capital says
The S&P500 was down 2.64% in September and down 6.26% in August. The NZX50 declined 3.5% in the three months ended September 30.
AMP Capital’s investment team says it is not a sign of an imminent bear market and there are opportunities for investors who are willing to ride out the increased volatility.
“Our view is that China growth risks are overplayed, global share market valuations are attractive, US interest rates will not rise materially, the global banking system is better capitalised than in previous years and there are no major housing market bubbles to bring it down,” managing director and head of fixed income Grant Hassell said.
While many have been concerned about the potential for a slowdown in the Chinese economy to lead to a global recession, which has been reflected in market sentiment towards broader emerging economies, commodities, and major developed economy exporters such as Japan and Germany, AMP Capital’s view is less pessimistic.
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