Key messages:
• The markets only just started to price in the economic impact of the coronavirus
• Massive spread widening across all countries and industries
• Fed lowered key interest rates to 1.25% as a reactionary measure and other central banks followed suit
• Different reactions of industries: Stronger implications on aviation and the leisure industry than on e-commerce
• Our defensive and risk-oriented management approach leaves the fund well prepared for turbulent times
Temas:
- Los mercados acaban de empezar a descontar el impacto económico del coronavirus
- Los diferenciales se han ampliado sustancialmente en todos los países y sectores
- La Fed ha rebajado sus tipos de interés hasta el 1,25% como medida de precaución y otros bancos centrales han adoptado medidas similares
- Las repercusiones varían según el sector: aviación y ocio se verán más afectados que el comercio electrónico
- El enfoque defensivo y orientado a la gestión del riesgo del fondo nos sitúa en buena posición para afrontar las turbulencias que se avecinan
Argomenti:
• The markets only just started to price in the economic impact of the coronavirus
• Massive spread widening across all countries and industries
• Fed lowered key interest rates to 1.25% as a reactionary measure and other central banks followed suit
• Different reactions of industries: Stronger implications on aviation and the leisure industry than on e-commerce
• Our defensive and risk-oriented management approach leaves the fund well prepared for turbulent times
