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Global stocks were lower Tuesday, tracking Wall Street's overnight selloff where the U.S. stock market suffered its worst trading day in two months. Experts on CNBC debate how deep the market correction will be.
Markets Could Correct 50%
Don't be surprised to see a correction of 50% of the gains we've had since the markets bottomed, cautions Kenneth Courtis, chairman of Next Capital Partners and former vice chairman of Goldman Sachs.
S&P 500 to Hit 800 Points by Sept.
Martin Marnick, executive director at Helmsman Global Trading, believes markets will drift lower as volumes start to erode on Wall Street. He tells CNBC the S&P 500 will slide to 800 points by September.
Correction Won't Be Deep
Any correction in the markets will not be deep as people are still buying, says Wilfred Sit, chief investment officer at Mirae Asset Global Investments.
Markets Won't Retest Lows
Even though the World Bank's move to lower its global economic forecast points to a W- or L-shaped recession, markets are unlikely to retest their lows, says Jim Awad, MD at Zephyr Management.
Equities Will Be Higher in 3 Months
Jorg Kramer, chief economist at Commerzbank, expects equity markets to be higher in 3 months from where they are today.
Be Very Cautious on Equity Trades
Look for solid counter-cyclical stocks and focus on shorter-end corporate bonds, says Andrew Freris, senior investment strategist for Asia at BNP Paribas Wealth Management.
Hong Kong Market to Retreat
The Hong Kong market has risen too much and a pull back is healthy, says Nicholas Yeo, investment manager at Aberdeen Asset Management.
Aussie Market Due for a Correction
Australian stocks could see a correction of 10% over the next few months, says Savanth Sebastian, equities economist at Commonwealth Securities.
Dollar Seen Appreciating
The U.S. dollar could appreciate another 2% to 3% against the major currencies in the next couple of weeks, foresees John Kyriakopoulos, head of currency strategy at NAB.
Euro Blues
In the near term, Ray Attrill, global head of research at Forecast Australia believes that sentiment towards the euro will probably erode further.
Oil on a Slippery Slope
Oil prices may tumble to around $58-$62 in the next couple of days, predicts John Licata, chief investment strategist at Blue Phoenix.
Miners to Come Under Pressure
Expect to see a lot of pressure in the miners during Tuesday's session, says Kevin Curran, head of dealing at Foster Stockbroking. He tells CNBC that is likely to spill over into the broader Aussie market.
Upbeat on Telecom, Utility Bonds
Roel Barnhoorn, global head of fixed income at ABN Amro Private Banking is upbeat investment-grade bonds, especially in those in the telecoms, utilities and consumer sectors.
Biotech M&A Expected to Grow
When discussing consolidation in the biotech industry, Michael Sjostrom, CIO for sectoral asset management & fund manager at Pictet says pharmaceuticals are looking for innovation and small firms are candidates for acquisitions.
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