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.
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.
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.