April 3, 2020
Asian markets gave up early gains and traded lower across the board with de-risking ahead of the weekend the main theme. China and Japan were led lower by tech stocks. Energy was doing the damage in Hong Kong and Korea. Taiwan was closed and Australia was seeing weakness in consumer discretionary. Meanwhile, a private survey released Friday showed China’s services sector shrinking further in March. European bourses closed lower today, bringing an end to another rocky week of trading amid the deepening coronavirus crisis. North American equity indices fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York while investors digested a dismal U.S. jobs report; U.S. payrolls fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment rate jumped to 4.4%. Stock markets have now been sideways for U.S. and European equities for the last seven trading sessions, despite massive swings.
BSD Global Tech Hedge Fund: -0.2%