Market Commentary - July 2020

What a remarkable first half of the year we’ve already witnessed! The first 50 days of 2020 brought relentless new highs in equity markets followed by 33 days of turbulence as investors began to reprice assets for reduced growth expectations and increased doubts for some as going concerns due to various business closure decrees issued around the world. After ramping up involvement behind the scenes in Repo markets in September 2019, global central banks stepped out in a more prominent manner in March redeploying several SPVs and credit facilities first introduced (on a much smaller scale) in the Great Financial Crisis of 2007-2009.