The dramatic stock market losses in recent days were unexpected, but one Canadian portfolio manager says investors should refrain from interpreting them as a sign that the North American economy is tipping into recession.
The dramatic stock market losses in recent days were unexpected, but one Canadian portfolio manager says investors should refrain from interpreting them as a sign that the North American economy is tipping into recession.
“I wouldn’t overreact to this,” said Craig Basinger, chief market strategist at Purpose Investments, in an interview Tuesday.
While Canada’s main stock index sank in late-morning trading Tuesday, U.S. stock markets had already started to regain some of the ground lost in a big plunge Monday and Friday.
“This is, I think, a bit of a mechanical unwinding of a really big trade, which has caused a huge spike in volatility. But for most people, I wouldn’t be recommending abruptly changing…
