Alon Ozer Discusses Market Volatility with South China Morning Post
Omnia Family Wealth Chief Investment Officer Alon Ozer spoke to the South China Morning Post about the coronavirus, the market volatility as a result of the virus and what governments can do to potentially mitigate the economic impact felt around the globe.
On Wednesday, March 18, when Ozer spoke with the publication, U.S. stocks continued on their path of unprecedented volatility as the increasing rate of coronavirus cases expanded across the country. In one day alone, the Dow Jones Industrial Average lost 6.3% while the S&P 500 and Nasdaq composite index slid 5.2% and 4.7%, respectively. These drops wiped out the Dow’s gain of 1,000 points achieved on Tuesday, March 17, following the announcement of the Trump administration’s proposed $2 trillion stimulus package to stabilize the U.S. economy. Furthermore, Wednesday became the eighth consecutive trading day that the S&P 500 swung at least 4% in either direction.
The government “is moving in the right direction. But it’s still not enough,” Ozer told the publication. “We are still so much behind [other countries] in terms of controlling the outbreak.”
The week’s slide in stocks was accompanied by a similar fall in long-term government bonds and gold – both of which are typically safe-haven assets for investors during times of uncertainty.
“Unfortunately, I don’t think the worst is behind us. At this point, it’s very hard to quantify where we are,” he explained.
To read the entire article in the South China Morning Post, click here.