We published an assessment of the market impact of the COVID-19 flu pandemic, and the medium-term changes to our 2020 market outlook on Wednesday, but following today’s media reports and the continued falls in stock markets since then, we felt a further update may be helpful:
After three weeks of stock market resilience, the broader investment community has finally taken note of the fact that the COVID-19 induced economic activity slowdown is not confined to ‘faraway’ China, but has significant ramifications for the global economy as a whole.
As a consequence, investors are repricing corporate earnings prospects – albeit under a very short term and worst-case perspective.
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