Highlights:
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Since the initial outbreak, COVID-19 has spread to over 210 countries, and estimates indicate it could trim global economic growth by between 3.0% to 6.0% in 2020.
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Cyclical indicators including PMIs and unemployment rates remain weak but are improving, bolstering the market’s hopes of a speedy recovery.
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Some countries and US states reversed course in late June, reimposing social distancing measures and closing businesses to prevent a second wave of infections.
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Market volatility declined while large raisings of debt and equity have helped to strengthen balance sheets during this period of uncertainty.
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The Reserve Bank of Australia kept rates on hold at 0.25% at its July meeting and is prepared to scale up bond purchases if needed.
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