European equities have declined 26% during 2020 owing to the rapid spread of the Covid-19 pandemic. Consequently, economic activity indices have declined to multi-year lows.
Investors are grappling with the huge uncertainty caused by the global Covid-19 pandemic. The human and economic impact has been dramatic, both in its magnitude and in its velocity.
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Investors could be forgiven for thinking that nowhere is an immediately appealing prospect for investment right now, least of all Europe.
The bull/bear debate in credit markets in 2020, is whether we face an early 1980s-type bear market or a 2008 valuation scenario.
European economic data has been largely positive.