This weekly update provides a snapshot of changes in the economy and markets and their implications for investors.
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The COVID-19 outbreak has pushed the global economy into recession and equities likely have further to fall. We are overweight cash and duration and modestly underweight equity and credit. We expect to stay nimble in our relative value positions.
Just as headwinds from trade policy were beginning to dissipate, the outbreak of COVID-19 has pushed the global economy into recession.
The US economy is now entering recession. Initial jobless claims – a measure of the number of new filings to receive unemployment benefits – rose to 3.283 million for the week ending 21 March.
This quarter has not been an easy one for most investors.
A summary of the factors driving global markets over the last month.
Guide to the Markets