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D-PIMS Weekly Market Update - Week of 6th to 12th April 2020

Today’s Monday Update:

Over the last week like and indeed for the last several, the headlines were dominated by the Coronavirus developments:

• At the start of the week, the first patients started arriving at the new ‘Nightingale’ hospital in London’s Excel exhibition centre. Designed to look after up to 4,000 intensive care patients, this hospital was opened after just nine days of frantic work.

• After spending a week in hospital with three nights in intensive care, the Prime Minister left hospital over the weekend and headed for his official residence (Chequers) to continue his recovery.

• Although the sobering figures of fatalities continue to rise in the UK, the rate of new infections showed signs of slowing. In countries where the outbreak started before the UK, the picture improved over the week, to the point where Spain and Italy were starting to discuss easing some restrictions.

• Midweek saw China allowing people to leave Wuhan for the first time in over two months. This followed the lifting of the lockdown within Wuhan a few weeks earlier and no re-emergence of the virus since. This gave have hope to other countries.

• On the economic front, there was eventually some agreement between Russia and Saudi Arabia on oil production cuts, which supported oil prices and wider markets. Also on the economic front, with the EU seemingly unable to agree on a support package, the European Central Bank announced a whole host of ‘easing’ measures, designed to support Euro area economies. Not to be out done, on Thursday the US Federal Reserve (Fed) took additional actions to provide up to $2.3 trillion in loans to support the US economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

• While many countries are still in lockdown, early glimmers of hope were enough to lift market sentiment. All the world’s major stockmarkets rose over the week, particularly in the UK which had a short week due to the Easter holiday. All the D-PIMS investment portfolios were well up, especially the higher risk ones.

 

The value of investments and the income from them can fall as well as rise and you may not get back the original amount you invested.


Past Performance is no guarantee of, or guide to future returns.


The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.


 

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