Multi Asset Monthly: A back-to-business rally

With economies gradually reopening, the worst of the drop in growth seems to be behind us, even if the rebound in consumption is lagging behind the bounce in industrial production. The shape of the recovery still remains very uncertain. Much will depend on developments related to Covid-19 itself, such as whether a second wave breaks out and whether vaccines or treatments reach the market. The effectiveness of policy measures in preventing permanent damage to the economy will be another determining factor.