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Markets Now – Wednesday 25th March 2020

Summary:
11:30pm GMT - Why’s the market up today? More buyers than sellers. Why was it down before? More sellers than buyers. There’s no point in over-complicating the explanations when we’ve all got enough to worry about. Here’s Barclays:Money market funds saw record inflows in March as risk assets collapsed. Systematic/HF selling is well advanced, but equities remain vulnerable to LO/Retail capitulation and are losing the bid from buybacks amid a worsening earnings and macro outlook. Continued caution is thus warranted but month-end pension funds’ rebalancing following the extreme equity/bond underperformance in Q1, along with decisive central banks’ action,could provide a near-term backstop to the markets and reduce volatility.Cash is king. As the COVID-19 crisis worsened, investors shifted a

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