Monthly Market Commentaries

Developed market economies, which came to a sudden stop during the pandemic lockdown period of March and April, entered the recovery phase in May.

Early April was marked by a rally in equities and lower market volatility as COVID-19 infection rates peaked. Inspired primarily by the possibility of resumed economic activity, investors drove the MSCI All Country World Index 10.6% higher in April.

At the start of 2020, the macroeconomic environment looked primed for a modest acceleration. Private sector business sentiment had improved and developed economies’ labour markets were proving resilient.

For the second consecutive month, fears over the impact of the spreading coronavirus drove market performance in February. The month began with positive news.

In January, markets reflected two competing factors. On the one hand, the coronavirus threatened not only the timing, but potentially the trajectory of a global growth recovery during 2020.