i-Wire: Market Update 6th August

i-Wire: Market Update 6th August   Market Update: The Other Side of Summer When it comes to my choice of Elvis I’ve always been in the Costello rather than Presley camp and the titular track could be written for these times, conjuring the sound of glorious summer sunshine but featuring  biting lyrics that paint a picture of ‘contradiction and confusion’ and a sense of great unease. We’ll  have to wait till the other side of summer and indeed many months beyond to get a clearer picture of how this dreadful pandemic will impact economies and financial markets. The crash and the rebound were just the beginning and we are now marking time in an uneasy truce balancing the conflicting needs of public health and economic welfare. The current state of the pandemic is so well documented in every media format that there is no need for repetition, instead we need to  ponder as to what the market is discounting and be aware of the changes in market behaviour, of which there have been several, since I last wrote at the beginning of July. Equity markets are similar levels, the changes are elsewhere. Investors have since April been taking a glass [...]