What you need to know for this trading day: A top Barclays strategist says only owning bonds and gold could hurt you in the next recession.
Rattled by rising non-China coronavirus cases — notably in South Korea — investors appear unwilling to load up on stocks heading into the weekend.
“The most common narrative in markets is what to do when the next recession comes along — own Treasurys, own gold, own quality to such an extent that my concern would almost be that if the next recession is of a more normal variety, such as a stock retracement of 10% to 15% and moderate declines in unemployment, you’ll find that you have overprotected yourself and the underperformance could actually be in the areas which you thought were giving you safety,” Hobbs told MarketWatch.
Of course, coronavirus ripples could “roll up in potentially much more cyclical and disruptive ways that we anticipate,” he cautioned. Where to find all that ingenuity? He said Barclays is leaning toward emerging markets, in particular Asia, but away from one area that looks a bit pricey — the U.S. megacap space.The market Dow DJIA, -0.63% , S&P SPX, -0.81% and Nasdaq COMP, -1.19% traded lower in early action, alongside European stocks SXXP, -0.49%. Korean equities ADOW, -0.38% got pummeled in mixed Asian markets.
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