Covid-19 has redrawn the outlook for global markets in 2020 and beyond. But for veteran Asian equities portfolio manager Elizabeth Soon, the crisis today isn’t fundamentally different from other crises she has experienced in the past: volatility creates new opportunity.
1. More than six months into the Covid-19 crisis, some parts of Asia, particularly China, are starting to recover, while others are still trying to contain outbreaks. Given these developments, what will the shape of the economic recovery in Asia be like? We expect the recovery in the region to be uneven. As such, we are monitoring how various markets are recovering from lockdowns, the normalisation of supply chains, and any pickup in demand, including external demand as exporters have been hurt by the Covid-19 situation. We also continue to monitor global Covid-19 responses, including developments in the therapeutic and vaccine pipeline.As with every volatility there is opportunity.
Risks come with prolonged social distancing. Companies’ balanced sheets are under stress and this puts further strain on the financial system. The low earnings visibility will also lead to a downgrade of earnings, making selectivity very important.
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