The views set out in the podcast represent the latest thinking to emerge from the quarterly Global Investment Group, or GIG. The GIG’s role is to characterise the current and future risk-return environment at a high level.

For investors, analysing the long-term economic and financial implications of Covid-19 is still a challenging process. The environment is uncertain and the path ahead is likely to be difficult to navigate. Like many others, our hopes are pinned on the prompt delivery and distribution of an effective vaccine and on continued and appropriate policy support for struggling economies. But geopolitical events could still make this a bumpy ride to year end.