Global Asset Allocation: The View From Emea

T. Rowe Price
By May 21, 2020 14:41

Global Asset Allocation: The View From Emea

Trying to put a price on the stock market in the current environment is extremely challenging. The velocity of the market decline and subsequent recovery are unparalleled, with day‑to‑day price swings that can look more like returns for a full year. Similar to the “P” in price‑to‑earnings measures, the “E” is challenging to pin down as estimating earnings is hampered by uncertainty around the duration of the global shutdown and the postcrisis environment. First‑quarter earnings reports are starting to shed some light, and the broad picture shows a steep decline with S&P 500 earnings down nearly 15%. In this environment, there have been winners and losers, with the technology and communications sectors resilient, while other more cyclical sectors have been hard hit, including energy and industrials. Compared with previous crises, today’s crisis is not normal and the speed of the recovery may not be normal either. What may be very different, though, are the winners and losers, making it ever more important to watch what you’re paying for “normalised” earnings for companies that will likely be facing an abnormal world.

T. Rowe Price
By May 21, 2020 14:41

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