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Client Letter
Jun 3, 2020

Dear Client,

I trust that all is well with you and your family this week. Below you will find a summary of this week’s market developments.

Market developments

·         North American markets again moved higher on continued optimism over re-openings; all 50 U.S. states have now at least partially re-opened their economies.

·         White House health advisor Dr. Anthony Fauci stated that a second wave of coronavirus is “not inevitable” if states re-open correctly, and said there’s a “good chance” a vaccine could be deployed by year’s end. As of May 27, new cases in the U.S. rose at a rate of 1.2%, down from 1.4% in the week prior.

·         The European Union is said to be preparing a fiscal package worth more than $800 billion, and Japan is planning new economic stimulus valued in excess of $1 trillion.

·         Weekly jobless claims in the U.S. were 2.1 million, passing 40 million in 10 weeks. Real gross domestic product (GDP) contracted at 5% in the first quarter.

·         Tensions between the U.S. and China escalated as the House of Representatives passed legislation calling for sanctions against Chinese officials.

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