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Market Update 27 March: Equity rally continues

27 mars 2020
  • The market continues to rally with the S&P 500 up 6.2% yesterday in response to the US Senate approving a USD 2 trillion stimulus package, which aims to provide relief for taxpayers and businesses. It needs approval by the House of Representatives before it can be signed by the President, which is expected to take place today.
  • Yesterday the USD depreciated versus most currencies while the NOK continued to appreciate versus both the EUR and USD before weakening slightly again this morning.  
  • Despite the relief in equity markets last week, the overall picture for the global economy remains bleak.
  • US Initial Jobless Claims were announced yesterday and revealed the highest figure ever recorded (see chart below) with 3.3 million new applications for unemployment benefit last week. The previous record was 0.7 million in September 1982.
  • The bond markets rallied yesterday with spreads decreasing sharply both in EM and peripheral Europe. European spreads tightened versus Germany after the ECB started to buy bonds.

jobless claims.png

SKAGEN Funds Summary

  • No material changes.
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Les rendements historiques ne constituent pas une garantie pour les rendements futurs. Les rendements futurs dépendront, entre autres, de l'évolution du marché, des compétences du gestionnaire du fonds, du profil de risque du fonds et des frais de gestion. Le rendement peut devenir négatif en raison de l'évolution négative des prix. L'investissement dans les fonds comporte des risques liés aux mouvements du marché, à l'évolution des devises, aux niveaux des taux d'intérêt, aux conditions économiques, sectorielles et spécifiques à l'entreprise. Les fonds sont libellés en NOK. Les rendements peuvent augmenter ou diminuer en raison des fluctuations des devises. Avant d'effectuer une souscription, nous vous encourageons à lire le prospectus du fonds et le document d'information clé pour l'investisseur qui contiennent des détails supplémentaires sur les caractéristiques et les coûts du fonds. Ces informations sont disponibles sur le site www.skagenfunds.fr. Storebrand Asset Management administre les fonds SKAGEN qui sont, par convention, gérés par les gestionnaires de portefeuille de SKAGEN.

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