3/9/2021 4:50:07 AM GMT
The rotational games continued with Wall Street overnight and are continuing to some extent in Asia this morning. Stock markets heavy with the winners of 2020 are suffering, while previously unloved markets heavy with boring banks, consumer staples, resource and property companies are catching more of the global recovery trade winds.
Overnight, the tech-heavy Nasdaq was stretchered off the field, while the S&P 500, containing a mixture of both, limped off. The Dow Jones, as legacy as you get, meanwhile, enjoyed another warm day in the rotational sun. In Asia today, Mainland China markets are under pressure, along with South Korea and Taiwan, while ASEAN markets outperform once again. The North/South divide in Asia was laid bare in 2020, but a correction seems to now be underway, in line with my thoughts that ASEAN would outperform in 2021.