IN THIS QUARTER'S EQUITY OUTLOOK - Download PDF
At the start of 2020, investors were focused on a continuing rally for equities despite economic sluggishness. By late February, investor sentiment took a decidedly different turn as COVID-19 began its global spread. Manufacturing and services ceased in markets worldwide as businesses were closed and stay-at-home orders took effect. Fixed-income markets faced severe liquidity challenges, oil prices plummeted, and equity indexes posted their sharpest quarterly declines in decades. Yet, in April, during what will be the worst economic quarter in a century, the market snapped higher.
We explore what might lie ahead for the economy and markets, and provide an outlook for COVID-19 treatments. We also consider a potentially bullish outlook for emerging markets.