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

Friday, March 20, 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.

The package included the following measures:

  • 80% of the wages of workers facing redundancy will be paid by the government (up to a maximum of 2,500 pounds a month)
  • 7 billion pounds of additional welfare support
  • 1 billion pounds of support for renters •Self-employed workers to get the equivalent of statutory sick pay
  • Deferral of VAT payments for the next quarter
  • Unlimited 12-month, interest-free loans for businesses

In the US, Governor Andrew Cuomo ordered new Yorkers to stay at home for the foreseeable future. The Federal Reserve said that it had expanded its emergency program by buying municipal bonds for the first time.


IMPORTANT INFORMATION: Issued and approved by Pacific Capital Partners Limited, a limited company registered in England and Wales, authorised and regulated by the Financial Conduct Authority. The information contained herein is not approved for use by the public and is only intended for recipients who would be generally classified as investment professionals. Information or opinions contained in this article do not constitute an offer to sell or a solicitation, or offer to buy, any securities or financial instruments or investment advice or any advice or recommendation in respect of such securities or other financial instruments. Where past performance is shown it refers to the past and should not be seen as an indication of future performance.

 

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