Coronavirus Update 23/3/20


Coronavirus Update 23/3/20

 

Covid 19 – Is uncertainty at its peak?

As the pandemic continues to spread, this morning’s headlines confirmed further unsettling news, as Spain and Italy have suffered their worst day so far in relation to Covid 19 fatalities.

Unfortunately, It’s very likely that the number of confirmed cases will rise very significantly over the next few weeks, so headlines are likely to become more alarming for a period of time yet.

This is such a fast-moving situation, requiring constant monitoring and assessment.

In most economies we’ve witnessed moves towards a hard lock-down – watch this space regarding the UK position.

To our minds, the harder the short term lockdown the better, if this proves to be the best way of halting the spread of the virus. This seems crucial. How quickly can we move to a position where newly reported cases begin to fall?

Markets:

When this happens, and hopefully this is sooner than later, it should be received extremely positively, and we anticipate that sentiment changes and market recovery could be swift.

In the meantime, markets continue to fall, and as with any sell-off, opportunities abound. Significant though the corrections are, the banking sector is in a much stronger place to withstand the storms ahead than they were in 2008.

We’ll continue to keep you updated regularly during this very fluid situation. In the meantime, it’s comforting to know that levels of diversification are working well within portfolios, providing some useful protection against falling stock markets, as has been reflected in our most recent client reviews. More on this next week.

What we are doing now:

We have been working tirelessly behind the scenes to ensure that it is ‘Business as Usual’ as far as possible, here at JCL. All of our staff have been fully equipped to work from home, with full access to all client accounts and platforms.

We have ceased holding client meetings face to face in an effort to stop the spread of the virus, and will now be virtually meeting with each other via various methods, like skype, zoom, facetime, phone, etc.

Our financial services providers have also been stepping up to the mark to provide more flexibility around systems and processes, which will allow us to continue to transact your business electronically.

We will continue to put you, our clients, at the heart of our business, whilst ensuring the safety of our colleagues and their families.

We will also endeavour to provide you with updates as events unfold, but would urge you to make contact with us either by email or by adviser mobile number, with any concerns you may have.

Important: This update does not constitute financial advice and should not be considered as a recommendation in any way. Please contact your adviser should you have any queries or concerns, or to seek financial advice.