Special Episode, Part 2: Europe Navigates the Coronavirus
Thoughts on the Market
Morgan Stanley
4.8 • 1.4K Ratings
🗓️ 26 June 2020
⏱️ 8 minutes
🧾️ Download transcript
Summary
Europe’s response to the coronavirus pandemic—both in managing the outbreak and in policy response—has been strong. Here’s what it means for asset classes in the region.
Transcript
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| 0:00.0 | Welcome back to Part 2 of the Special Edition of Thoughts on the Market. |
| 0:05.8 | I'm Andrew Sheets, Chief Cross Asset Strategy for Morgan Stanley. |
| 0:09.3 | And I'm Ellen Zintner, Chief U.S. Economist for Morgan Stanley. |
| 0:12.4 | And today we're continuing our |
| 0:13.6 | conversation about the coronavirus effects on the U.S. and global economy. |
| 0:18.4 | It's Friday, June 26 at 9 a.m. in New York and it's 2 p.m. in London. So Andrew we've been |
| 0:24.8 | discussing all this in relation to the US, but given that you sit in the UK, |
| 0:31.4 | you know I'm hoping that you can provide some context of how governments are |
| 0:35.9 | dealing with COVID in the rest of the world and specifically in Europe and the UK. |
| 0:41.2 | My understanding is that the UK's experience in terms of how they're |
| 0:44.8 | handling shut downs, social distancing, how people themselves are handling it in |
| 0:49.8 | the UK has been quite different than in the US. |
| 0:53.0 | I think it's really fascinating actually that here you have a disease that's hit all over |
| 0:59.2 | the world and yet you've seen different countries take very different approaches to addressing it which has resulted in very different outcomes and I think if you look at Europe you know you have within continental Europe I think an extremely effective response. |
| 1:13.7 | If we think about the US is tracking around 30,000 daily cases, |
| 1:19.7 | Italy is tracking about 200. And in the UK where I think there's been a lot of focus here |
| 1:25.5 | that the UK is tracking with more challenges has been less successful in |
| 1:30.0 | containing the disease than continental Europe the UK is still tracking at about a thousand cases per day, |
| 1:36.3 | despite the fact that it has probably a sixth of the population of the US or a seventh. |
| 1:40.9 | So, you know, I do think that Europe has a number of challenges, but I think the issue of an additional wave or the first wave picking back up, which is obviously a very live risk in the U.S. is much less of a risk in Europe because not only have the number of |
| 1:55.2 | cases gone down but when you have a lower number of cases other strategies such |
| 2:00.7 | as testing and tracing such as mitigation these things, such as mitigation. |
... |
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