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Market Update 25 March: Stocks buoyed by US stimulus deal

  • Equities had their best day since the financial crisis with the S&P 500 and Dow Jones up 9.4% and 11.4%, respectively, while the latter experienced its largest single day gains since the Great Depression in 1933.
  • Last night the Senate and the White House agreed the USD 2 trillion stimulus plan. The legislation still requires formal approval by Congress but is expected to pass and then be signed by the President.
  • The legislation will provide direct financial pay-outs to many Americans, drastically expand unemployment insurance, offer significant lending to both small and large businesses and give health care providers additional resources as the virus spreads.
  • Movements in long-term interest rates were relatively small, while most currencies appreciated versus the USD.
  • Preliminary PMIs from the US were released yesterday afternoon. Manufacturing figures held up reasonably well at 49.2 (versus an expected 43.5) while service sector data mirrored the previous day's European falls and dropped sharply to 39.1 (versus an expected 42). This indicates a deep recession in the large service sector part of the US economy.

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SKAGEN Funds Summary

  • Liquidity continues to be strong across all funds.
  • The portfolio managers remain positive.
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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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