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A Muted Recovery With Asia Leading The Way
The development of COVID-19 raises three key issues: the efficacy of the global response, the path of the recovery, and the conservative behaviour of consumers after a pandemic. PineBridge Investments assesses how these factors could affect fixed income, equities, and alternatives markets.
The scale of the global policy response to the COVID-19 crisis has been a pleasant surprise, yet the focus will now shift to its efficacy, given delays and logistical bottlenecks in building newly formed income bridges. We expect a muted recovery path as fears of a second wave of infections limit the return of workers, and thus the snapback in demand. From a global multi-asset perspective, we have progressively de-risked since February, and are now nudging our risk up slightly, but to a still cautious level.
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