Traders work on the floor of the New York Stock Exchange in New York, the US, on March 7 2019. Picture: REUTERS/BRENDAN MCDERMID
With US markets shut on Monday, global markets took their cue from weak purchasing managers’ index survey data in Europe and China, which raised concerns the global economy was struggling on many fronts. “Since the trade dispute has become the driving force behind equity markets, we advise against adding significantly to equity exposure, particularly for those with an adequate strategic allocation,” Mark Haefele, chief investment officer at UBS Global Wealth Management said.
“The ISM ... is going to be [a] particularly important market mover as those who have been buying bonds strongly, suggesting that the US is on course for recession, need to see some sort of justification,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.