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Life after lockdown

06 May 2020

The market rally over the last 4-6 weeks has been driven by central bank policy, easing lockdowns and some promising anti-Covid medical advances, but sustained advances in equities will require support from improved economic data. For now the picture remains mixed.

  • Now that more major economies are beginning to withdraw emergency restrictions, there is hope that economic figures will start to rebound after a dire period of growing unemployment and contraction.
  • The production side of the Chinese economy has recovered well, but the consumer economy remains well behind
  • US Q1 earnings have gone somewhat better than expected although next quarter is figured to be dramatically worse
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