Multi Asset Monthly - Global Strategy

With economies gradually reopening, the trough in growth is behind us. Real activity and
confidence data are both well off their lows. However, the shape of the recovery remains very uncertain. Much will depend on developments related to Covid-19 itself. Local outbreaks in the US, Europe and China illustrate that vigilance is warranted, as does the situation in several emerging markets. In the meantime the race to find a vaccine or treatment continues unabated. The effectiveness of policy measures in preventing permanent damage to the economy will be another determining factor. The US and Europe are taking very different approaches to this.