CIO Daily 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.
Equity markets rallied for the second day running, for the first time since February, enjoying the biggest two-day rally since 2008. The cheapest stocks continued to lead the charge, whilst some of the leading growth names fell on the day.
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