Market Compass
April 2020

Edited by the Macro & Market Research Team.
A team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues.

The team translates macro and quant views into investment ideas that feed into the investment process.

  • Market Outlook

Highlights

  • The Covid-19’s economic damages start to be felt, we expect an unprecedented GDP contraction in Q2 in both, Europe and the US. Tentative signs of recovery in China.

  • The policy action in the US has been quick and massive. The ECB stepped up bond purchases and liquidity injections. A coordinated EU fiscal response lags behind.

  • A true market turnaround would need a peak in contagion and more clarity on fiscal policy in Europe.

  • The biggest concern is in the credit market, but government intervention and central banks’ buying stabilize investment grade (IG) bonds.

MARKET COMPASS APRIL 2020
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