U.S. stocks have taken a hammering ... but here’s why investors should be optimistic, JPMorgan exec says:
Last Monday was the worst day of the year for U.S. stocks as the Chinese yuan fell below a key level in retaliation to President Donald Trump’s tariffs threat.
“The current macro setup has more similarities to the ‘15-’16 mid-cycle correction episode rather than the end of the cycle, in our view.” JP Morgan’s head of global equity strategy Mislav Matejka said. Analysts from research firm TS Lombard said the U.S. treatment of Huawei was key to the unfolding of the trade war drama.
European stocks SXXP, -0.13% dropped in early trading on Monday, while Asian ADOW, -0.22% stocks also fell.The Chinese yuan was still hogging the limelight as the People’s Bank of China fixed the currency’s midpoint below 7 to the dollar for the third consecutive day.
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