Market Compass
March 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.

  • Due to the global spreading of the Covid-19, fears for economic activity increase.

  • The data released this month will provide a first assessment of the damages. The Fed has already cut rate and Central banks will follow also providing liquidity support. Fiscal measures look forthcoming.

  • Markets are discounting a lot of bad news and might be prone for are bound once global infections start to recede. But a global pandemics can no longer be ruled out.

  • Given the high uncertainty about further contagion and the economic fallout, we scale back the already cautious pro-risk bias in our portfolios,reducing our tactical equity exposure to neutral.

MARKET COMPASS
MARCH 2020

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