Published on 5 Aug 2023 on Insider Monkey via Yahoo Finance
10 Oversold Global Stocks To Buy
In this piece, we will take a look at ten oversold global stocks to buy. If you want to skip our analysis of the global economic climate, then take a look at 5 Oversold Global Stocks To Buy.
Like July, August is full of surprises on the data front. After the U.S. economy grew quite strongly in the second quarter, investors started to worry whether the Federal Reserve might have more leeway in its ability to raise interest rates. This was naturally bullish for the dollar, and the greenback rose against its major currency counterparts and markets stood muted. However, another crucial set of data came through in August which shows that another one of the Federal Reserve's keenly watched indicators for interest rate decisions, namely the labor market, was weaker than expected.
The labor market data is released by the Labor Department and the figures for July show that the economy added 187,000 jobs in the month to mark a slight 2,000 increase over June's figures. The data also undershot expectations for 200,000 jobs, which is broadly believed as a crucial level below which the market starts to slow down. Naturally, on the surface, this provides the Federal Reserve with little room to justify additional interest rate hikes, but while currency markets reflected the true impact of the data release, stock markets showed little gains with the S&P 500 up by 0.29% and the NASDAQ up by 0.51%.