We cannot predict when markets will finally reach a bottom – they may already have – but we believe it is most likely to be once we hit a peak in the daily growth in new Covid-19 cases round the world.
Investors could be forgiven for thinking that nowhere is an immediately appealing prospect for investment right now, least of all Europe.
The disruption to the global economy from the worldwide spread of the coronavirus is the biggest shock to the world since the Second World War.
Ten questions with... Canaccord's Richard Champion
Being selective key to weather the storm
'Demand collapsing because it must'
The bull/bear debate in credit markets in 2020, is whether we face an early 1980s-type bear market or a 2008 valuation scenario.
Last Monday, for the first time in its history, the US Federal Reserve announced a liquidity programme that includes buying corporate debt.
Investment opportunities on the horizon