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April 1, 2020

Momentum - Economies at a glance

<em><strong>Sanisha Packirisamy, Economist at Momentum Investments and/or Herman van Papendorp, Head of Investment Research & Asset Allocation at Momentum Investments, have provided a Momentum Economic and Market snapshot for March 2020. </strong></em>

<strong>HIGHLIGHTS:</strong>

<ul>

<li>United States (US): The surge in initial jobless claims illuminates the start of the dire effects of large parts of the US economy being shut down to curb the spread of COVID-19.</li><li>Eurozone: Early high-frequency indicators tell a tale of a collapsing economy, as the COVID-19 crisis urges country-wide lockdowns to stop the rise in infection rates.</li><li>United Kingdom (UK): The sterling has been the hardest-hit currency from those in the 11-largest industrialised economies since the outbreak of the disease.</li><li>Emerging markets (EMs): A sustained tightening in external financing conditions could result in balance of payments strains for a number of vulnerable EMs.</li><li>South Africa (SA): Moody’s downgraded SA’s sovereign rating to Ba1 from Baa3 and maintained a negative outlook amid persistently low growth and widespread fiscal pressures.</li><li>Financial markets: Markets dropped precipitously in reaction to the spike in unpredictability. Turmoil triggered market-wide circuit breakers for the first time since 1997.</li>

</ul>

<strong>Download the <a href="https://www.cover.co.za/wp-content/uploads/2020/04/Economic-and-market-commentary-March-2020.docx">Economic and market commentary - March 2020</a></strong>

<strong>Download the <a href="https://www.cover.co.za/wp-content/uploads/2020/04/Economies-at-a-glance-March-2020.docx">Economies at a glance - March 2020</a></strong>

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