Defensive growth in favour

18 May 2020

Markets remain subdued as the world’s biggest economies start to emerge from the deep trough the entered during the coronavirus lockdown, but some positive signs are starting to become visible. 

  • Economic data in the US is still poor but the worst appears to be over.
  • Chinese production numbers have rebounded strongly, although consumption has a long way to go to catch up.
  • Defensive growth stocks are performing better than cyclicals as investors wait for more clarity before committing to a recovery narrative.
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