Business
‘Closer to midnight’: Peter Morgan’s market warning – The Australian Financial Review
The veteran stock picker says US markets are running on news rather than fundamentals. In Australia, it’s the unwinding of stimulus that most worries him.
Morgan says the pandemic is very different to the other three big market events of his career: the crash in 1987; the tech wreck in 2001; and the GFC in 2007 and 2008.
The volatility in March, when markets gyrated wildly as economies around the world were shut down to fight the pandemic, was unlike anything Morgan has seen.
But there are other important differences with this crisis. For example, interest rates are still so low following the GFC that central banks have relatively limited firepo…
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