June 29th, 2020
Most investors around the world effectively wrote off Q2 as a quarter zapped by the pandemic and related economic lockdowns and have been prepared to see through historic collapses in GDP and earnings as policymakers rushed to build bridges over the shock into the second half. Markets have moved to price a significant H2 rebound and as we move into Q3 on Wednesday, reality now needs to match the hope from here. Ebbs and flows of the virus and how seriously it affects that recovery is now central to thinking - with November's US election now moving firmly onto the radar.
Chart by Ritvik Carvalho and commentary by Mike Dolan
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