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Multi-Asset – CIO Market Update – 30th Mar 2020

30 March 2020

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. 

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Multi-Asset – CIO Market Update – 27th Mar 2020

27 March 2020

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” 

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Multi-Asset – CIO Market Update – 26th Mar 2020

26 March 2020

CIO 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.”   

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Multi-Asset – CIO Market Update – 25th Mar 2020

25 March 2020

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

The US Senate agreed on a $2 trillion stimulus package which equates to some 9% of US GDP. The German parliament approved a EUR750 billion package to combat the economic impact of the coronavirus. Finance minister Olaf Scholz said that its stimulus must be “timely, targeted and temporary to help the economy start again”. India joined the growing number of countries in lockdown whilst Brazilian President Jair Bolsonaro urged the country to resume normal life to protect the economy.  

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Multi-Asset – CIO Market Update – 24th Mar 2020

24 March 2020

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

Equity markets soared on Tuesday in anticipation of the $2 trillion fiscal stimulus package being approved by the US senate. The Dow Jones Composite, America’s oldest index, had the largest gain since 1933. The House Democrats made a counterproposal for a spending plan that amounts to $2.5 trillion. 

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Multi-Asset – CIO Market Update – 23rd Mar 2020

23 March 2020

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

The week started with the news that German Chancellor Merkel has been put into quarantine after contact with a doctor who had later tested positive for COVID-19. Overnight in the US, the Senate failed to pass legislation for economic stimulus after senators disagreed on how to spend the $2 trillion package. 

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Multi-Asset – CIO Market Update – 20th Mar 2020

20 March 2020

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

UK Chancellor Rishi Sunak announced the third emergency package in 10 days which included a plan for the government to pay part of the wages of British citizens for the first time in history.  

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Multi-Asset – CIO Market Update – 19th Mar 2020

19 March 2020

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

Central Banks continued to respond to the coronavirus with both the European Central Bank and the Bank of England announcing further monetary policy easing. Overnight, the ECB announced an EUR 750 billion Pandemic Purchase Program which pushed down the yields on European government debt, notably for Portugal, Italy, Greece and Spain. ECB President Christine Lagarde stated that there are “no limits to our commitment to the euro.” 

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Multi-Asset – CIO Market Update – 18th Mar 2020

18 March 2020

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

In the US, President Trump invoked the Defense Production Act which allows the government to increase the manufacturing of masks and protective equipment. The Senate passed a second bill to provide economic support for Americans in the form of paid sick leave, food stamps for vulnerable people and support in paying for coronavirus testing. Canada joined a raft of countries announcing a stimulus package which equates to 3% of Canada’s GDP. 

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Multi-Asset – CIO Market Update – 17th Mar 2020

17 March 2020

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

Equity markets rallied and government bond yields rose as investors digested the news of further stimulus packages. In the US, President Trump promised a “big, bold package” including $250 billion spent on sending a $1,000 cheque to individual Americans within two weeks. 

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