In a mid-year outlook report, Global Chief Strategist Joseph Little said a 'swoosh-shaped recovery' entails a sharp rebound once lockdowns are lifted, followed by a gradual pickup to pre-crisis levels of activity.
"The global crisis-mode response has been as good as we could have hoped. But, following the liquidity measures, solvency challenges remain," Little said.
Despite this, Little highlighted that there is plenty of easing capacity remaining for most governments and central banks, and investors seem "readier than ever to let governments break fiscal taboos."HSBC GAM predicts that the coronavirus crisis has accentuated a "steep trade-off between risk and returns," with current prices suggesting sub-inflation returns for most medium-term government bonds and riskier asset classes discounting much higher rewards.
HSBC GAM favors global equities and high-yield bonds on a strategic, long-term basis, projecting that lower equity prices this year mean that investors willing to absorb short-term volatility will be compensated by higher prospective returns over the next two years.
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