Commenting on this morning’s UK flash PMI data, Melanie Baker, senior economist at Royal London Asset Management, said:
“The PMIs were even more dire than expected, confirming what we already know – that this is an incredibly sharp and deep slump.
“Given social distancing is already being eased in parts of Europe, it is plausible that we will see sharp improvements in these PMIs within the next couple of months.
“However, it will likely take much longer for the actual level of overall economic activity to return to pre-crisis norms.”
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £139 billion of assets and employs 113 investment professionals as at end July 2020. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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