Equity Update: Uncertainty, the Enemy of Conviction
The COVID-19 spread outside of China has sparked concerns the outbreak is evolving into a global pandemic, despite the WHO saying it is too early to re-classify. This has triggered a reassessment of downside risks which has seen a wave of selling wash across risky assets.
France’s business survey is resilient despite coronavirus fears
The French business climate has not been affected by coronavirus yet, but we expect that lower demand for travel and tourism will weight on services in coming months.