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.