Markets de-risking into the weekend?
Pause for thought
This week's equity markets saw a classic 'turnaround Tuesday' as the sell the fact response from Biden's stimulus package was erased. Today we are seeing some de-risking, possibly into the weekend after some strong gains in the US led by tech earnings.
Still a buy on any dips
Central banks have been slowly turning less dovish - The BoC, the ECB, the RBNZ, RBA and some Fed speakers have all been more on the 'worst behind us' footing over the last couple of weeks. This coupled with strong fiscal stimulus means that dip buying is still favoured.