Markets Scenarios & Risks - May 2020

The potential easing of lockdown measures bring some light at the end of the tunnel. This is particularly the case in Europe where several countries are opening back shops, manufacturing capabilities or services. Data show that the worse is probably over in Italy and France for instance, but in the US, many states such as New York remain in an acute phase of the outbreak. Moreover, emerging countries are still at the beginning of the pandemic. Although it is too early to draw a conclusion, the low level of death toll registered so far in Africa gives hope for a more benign impact than feared. On one hand, these countries’ infrastructures will make the disease mo

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