Highlights:

Since the initial outbreak, COVID-19 has spread to over 210 countries, and estimates indicate it could trim global economic growth by between 3.0% to 6.0% in 2020.
Cyclical indicators including PMIs and unemployment rates remain weak but are improving, bolstering the market’s hopes of a speedy recovery.
Some countries and US states reversed course in late June, reimposing social distancing measures and closing businesses to prevent a second wave of infections.
Market volatility declined while large raisings of debt and equity have helped to strengthen balance sheets during this period of uncertainty.
The Reserve Bank of Australia kept rates on hold at 0.25% at its July meeting and is prepared to scale up bond purchases if needed.

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Market Update - July 2020