The first six months of 2020 can only be described as a tale of two halves. Following the record falls in global equity markets across the globe in the first quarter amidst concerns around the economic impact of the spread of the Covid-19 pandemic, the second quarter saw one of the fastest recoveries on record. This came despite concerns around a second wave of infections in some developed markets, particularly in the US, and continued growth in daily infections in key emerging economies, including South Africa. Market participants continued to react positively to the unprecedented levels of fiscal stimulus announced by major central banks and governments across the globe. read more