All of those indexes are on pace to report weekly gains after the tremendous downward spiral that characterized much of March — though not enough to to pull Japan, South Korea and Hong Kong out of bear markets.
“Overall, there has been a general shift to neutrality from the perfect bear market conditions late last week, which is a good thing,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a research note.
Australia’s S&P/ASX 200 was the regional outlier on Friday, shedding 2% in Sydney. But it’s still poised to record a gain for the week.
“The market is running with the assumption that while this tumult will be the deepest recession in modern-day financial history, it will also be the shortest,” Innes wrote.
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