Welcome to our exchanges at Goldman Sachs Markets Update for Friday, June 26th.

Each week we check him with a leader across the firm to get a quick take on what they're watching in the markets.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm, and today's guest is

Amelia Garnett, a frequent visitor, and she's from our cross asset sales desk in the global markets division.

Welcome back, Amelia. Thanks so much. It's actually amazing to think that last time I was on here,

it was the week before we started

work from home. Well it has been a while so what are the top stories in the markets

that you're watching this week? Yeah so I think there are probably three things

that are top of mind with our cross asset

clients this week.

In the near term, month end and quarter end falls next Tuesday, and that has implications,

particularly for pension funds,

who rebalanced their equity to bond allocations

and their global exposures.

And just given the epic run-up of equities this quarter, you know, the S&P was up 18%, the NASDAQ was up a whopping 29%,

it's the equity number that we're really focused on.

So Goldman estimates that there could be up to

57 billion dollars of equities for pensions to sell to buy their bonds as of Thursday

and whilst this number is widely televised as being large it is you know historically

very relevant because it is the largest net cell signal we've seen on record.

I think you know beyond month end the really big question though we're having discussions with our clients about is will the recovery be derailed?

And by that I mean, we're seeing these rising COVID case counts and higher hospitalization rates.

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