A (temporary) Covid ‘leg down’

In Short

The rise in new Covid-19 cases and renewed lockdowns across Europe are casting long shadows over the economic recovery and markets. Yet much more targeted restrictions, a strong Chinese rebound and continued massive fiscal and monetary policy support will keep the second wave’s impact far more muted than in spring.
Market Perspectives

Highlights:

  • The rise in new Covid-19 cases and renewed lockdowns across Europe are casting long shadows over the economic recovery and markets.
  • Yet much more targeted restrictions, a strong Chinese rebound and continued massive fiscal and monetary policy support will keep the second wave’s impact far more muted than in spring.
  • Amid higher risk, we trimmed our overexposure to equities further, while keeping a sizeable preference for high-grade Credit, which continues to benefit from ECB support and the hunt for yield.

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Vincent Chaigneau

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