Economic Review – March 2020
Our monthly economic review is intended to provide background to recent developments in
investment markets as well as to give an indication of how some key issues could impact in the future.
It is not intended that individual investment decisions should be taken based on this information; we are
always ready to discuss your individual requirements. We hope you will find this review to be of interest.
March was a challenging month for global markets,
as investors assessed the economic damage from
the pandemic. Although some indices have rallied
in the last week or so, they largely remain down
over the month and the quarter. Many central banks
have taken decisive fiscal and monetary action to
shore up economies, which, to some extent, has
served to stabilise financial markets, but as the
virus spreads, large-scale uncertainty remains.
• Some indices rose on the last day of March,
following the release of stronger-than-expected
industrial data from China, which raised hopes that
the world’s second-largest economy could stage a
rapid recovery. The official survey of Chinese factories
indicates the easing of restrictions has prompted a
rebound, with the manufacturing sector’s Purchasing
Managers’ Index reading 52.0 in March, well above
forecasts of 45.0 and a significant increase from the
record-low figure of 35.7 in February.
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