Stocks are rallying Thursday from a deep plunge over recent days after US President Donald Trump decided to pause proposed higher trade tariffs on most nations. The magnitude of those earlier drops had resulted in margin calls at some major investors including large hedge funds as well as wealthy individuals.
Citigroup is urging rich clients to stay cautious amid extreme market volatility even though “peak shock” might have passed, according to the bank’s global wealth head Andy Sieg.
The Wall Street bank’s advisers are saying “don’t chase this, don’t buy the dip,” Sieg told Bloomberg Television’s Haslinda Amin and Avril Hong in an interview during his visit to Singapore on Thursday. “Let’s try to be disciplined at a time that the world’s moving very fast.” He said it’s not the time now to add to risky assets.
