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One month for the history books
In Short
Joint Research & Front Office Communication
Generali Insurance Asset Management S.p.A. Società di gestione del risparmio
Global equities (MSCI World) have lost 30% since the 19th of February, as the Chinese sanitary crisis morphed into a Global Covid Crisis (GCC). This is the fastest sell-off ever. The drawdown has cut $24 trillion from the global equity market capitalisation – more than the annual US GDP! Investors are scared and praying that the contagion of the coronavirus will slow.
But for now the pandemic crisis is still worsening: in the 7 days to 19 March, the total numbers of cases, now 235k, has increased at an average 9% per day. This is double the pace recorded in the week ended 12 March. The number of deaths (close to 10k) has increased at a daily pace of 11%, again more than double that of the previous week. The pace of contagion is starting to slow in Italy, at now about +15% per day over the past week, vs. more than 20% a week earlier. But this is not enough yet for the Covid curve to flatten out as it did in China (see chart).
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HISTORY BOOKS
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