The emergence of Covid-19 has destabilised stock markets the world over

Columbia Threadneedle
By May 21, 2020 16:47

The emergence of Covid-19 has destabilised stock markets the world over

The good-news stories and optimism of three months ago have been consigned to the bin, as the virus, lockdowns and economic bailouts take centre stage 

The emergence of Covid-19 has destabilised stock markets the world over. Since China alerted the World Health Organisation to cases of an “unusual pneumonia” in Wuhan last December we have entered what the WHO calls “uncharted territory”.1 Italy was first in Europe to lock down the entire country, others followed. The virus has been fast and indiscriminate, infecting royalty, politicians and low-paid key workers alike. But before we assess how this situation may develop in the future, it is worth looking at the financial health of Europe at the point of entry into the crisis. Last year ended on a high with global equity markets up 27% and Europe up 29%, despite meagre earnings growth.2 This was driven by a confluence of events: Boris Johnson’s Conservatives won the UK election and Brexit anxieties dialled down; trade tensions between the US and China subsided; and in the US Elizabeth Warren’s, and then Bernie Sanders’, chances of winning the Democratic nomination faded. 

Columbia Threadneedle
By May 21, 2020 16:47

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