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CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Global cases of COVID-19 exceeded 1.5 million as Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases said that although the Trump administration is discussing how to reopen the economy “that doesn’t mean we’ll do it right now”. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

It was reported that the Boris Johnson had been moved into intensive care overnight; Dominic Raab will stand in for the UK Prime Minister. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Germany announced a new “limitless” loan program for small and medium sized companies suffering from the economic slowdown. German Finance minister Olaf Scholz announced that the loans would be 100% backed by the government for companied with between 11 and 250 employees. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Equity markets fell as news the number of cases of COVID-19 has surpassed one million set a sombre tone. US Labour markets again cast a pall with a sharp fall in the Nonfarm payrolls and an increase in the unemployment rate. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

A rally in equity markets was set back by the news that a record 6.6 million workers lost their jobs in America last week. This takes the two-week figure to 10 million jobs or approximately 6% of the US workforce. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Markets started the new quarter with another bout of volatility with equity markets reversing some of last week’s gains. President Trump issues his starkest warning yet of the “painful” upcoming period for Americans, abandoning his previously optimistic tone. The Governor of Florida also changed course, ordering Floridians to stay at home after weeks of rejecting calls to do so. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

The final day of an extraordinary quarter for markets saw equities and bonds mixed with European equities rallying and government bonds slipping whilst the US saw equities sell-off and government bonds rallying.  

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

News of a slowdown in new cases in Italy provided some hope that social distancing can control the spread of COVID-19. Although in the US, President Trump was forced to admit that life in America won’t get back to normal by Easter. More states in America issued orders instructing individuals to stay at home. 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Sterling continued to rally sharply and has now reversed the losses over the past two weeks. Boris Johnson, UK Prime Minister became the first major political leader to be tested positive for COVID-19. The UK government provided advice to home buyers and renters that they should, “where possible, delay moving to a new house while measures are in place to fight coronavirus” but that there is “no need to pull out of transactions” 

CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Equities rallied for the third consecutive day as investors brushed off the news that a record 3.3 million Americans lost their job last week. Federal Reserve Chairman Jerome Powell reassured the markets that the Fed will provide sufficient credit to the economy. “When it comes to this lending we’re not going to run out of ammunition. That doesn’t happen.”