Bad news on the stock markets. A major selloff is underway, both in Asia and in North America.
The Shanghai index in China kicked things off overnight with a drop of 8.5%, followed by big drops in Hong Kong and Tokyo.
In New York, the Dow opened down by over 1000 points, and the TSX in Toronto dropped more than 750 points, however both have seen some recovery.
So, what does this mean for investors? For some reassurance, Simi Sara turned to Ludovic Siouffi, Investment and Insurance Advisor with Canaccord Genuity Wealth Management.
“Don’t pay attention to the day to day panic. Focus on your long term goals”
“It’s…reminding people to focus on the term horizon, focus on their goals… and if you’re panicking or if you have some anxiety, don’t be shy to call your investment advisor or your bank.”
So is this a day to react?
“I would let the dust settle a bit… trying to see what opportunities are out there. There’s just a huge feedback loop between everything that is happening in China [which] is feeding the frenzy of what the fed will say in September… there is a ton of uncertainty within the markets. I would just caution people not to panic and not to just have a massive sell off for the day”