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Capital Market Outlook

March 9, 2020


  • Macro StrategyDamages, Responses and the Other Side — As we expect the Covid-19 virus fears to fade sometime in the first half of the year, key catalysts for equity positioning will be manufacturing/export data, interest rates, policy responses and the dollar.
  • Global Market ViewGlobal Economic Activity by the Numbers as Growth Risks Rise — Downside risks to global economic activity have risen with the spread of Covid-19 to more than 70 countries outside China.
  • Thought of the WeekClear as Mud — Global supply chains and manufacturing are disrupted by Covid-19, but there is also demand disruption as consumers and businesses alter their spending behaviors to reduce the risk of exposure to this virus. 

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