After a wild ride in the first part of the year, and a lot of speculation about what impact the Covid-19 will have on EPS, the ongoing reporting season will hopefully shade some light, even if only the last few weeks of the quarter was really affected by the lockdown.

After the huge month-long drawdown ended in late March, the rebound that we advocated few weeks back has realized. Fed interventions to rein in the liquidity shortfall was the smoking gun.

After a month of record-breaking disorderly correction, markets were finally able to balance and find a bottom. There are at least three main reasons behind this recovery.

All hell broke loose over the last two weeks. Of course the real tragedy is the threats to the lives of our families and friends. Nothing can compare to this, and the entire Azimut management team wishes to express their solidarity to those affected.

The goldilocks blessing of all asset classes since last summer eventually came to an abrupt halt. Outbreaks in Italy and Iran, outside of China, followed by very few cases reported in the US dramatically shifted the investor sentiment.

Unstoppable. No other adjective seems more appropriate to describe the relentless advance of all asset classes since the end of the summer.

The month of January ended with a sharp U-turn versus the first half of the month.

After 18 months of disputes and tensions between China and USA, they eventually reached a partial trade deal. This is called “phase one deal” because it is supposed to be followed by further agreements in the future. The agreement signed between China and USA on January 15th will see Beijing...