CIO Daily 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.
In Europe, Angela Merkel indicated that she may be open to joint European Union debt issuance to help alleviate the impact of the coronavirus.
Currency markets moved violently with the US Dollar soaring against its trading partners, pushing Sterling to its lowest level since 1985.
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