I sit on the ferry next to a friend of mine. He’s the financial controller for one of the largest retail sites in Auckland.
‘We’re allowing staff to wear face masks,’ he tells me.
I reflect on where I’ve just left. Changi Airport at Singapore. But not the usual sparkling, happy airport. Almost every third person wearing a mask. Changing the mood to one of caution. Fear.
It’s that fear that has hit the markets.
In a nutshell:
- Asian markets are down sharply.
- AUD and NZD under pressure.
- Both the ASX and NZX are down heavily.
- In comparison, the US, Europe — particularly the UK — are less affected since they’re not so export-reliant on China.
Buffett’s mantra rings in my ears: ‘Buy when others are fearful.’
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