Mazars report: Economy and financial market - September 2020

After April 2020, we have seen improving macroeconomic data on a month-to-month basis, which supported the growing prices of risky assets and positive sentiment on the financial markets.

Better economic data resulted from the release of the social distancing measures (re-opening of the economy), expansive fiscal policy (government support program spending) and the unprecedent monetary policy easing (quantitative easing – purchases of not only government bonds financing fiscal deficits, interest rate cuts), however prevailing risks and the uncertainty of further developments remain extraordinarily high.

The number of new positive Covid-19 cases is rising all over the world as well as in Europe in the last weeks (a reliable Covid-19 vaccine still not available), the easy and smooth release of government support programs for the economy (Anticovid-19 in the Czech Republic) is far from certain.

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