Globally, stocks traded broadly lower in September, a month that has historically been volatile and bad for stocks. Psychological expectations can sometimes be self-fulfilling.

Investors are also jittery, as Covid-19 cases around the world are experiencing a resurgence and could lead to a slowdown in reopening or, worse, a rollback and another sweeping lockdown. In addition, there are some uncertainties over future policies in the run-up to the US presidential election on Nov 3.

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