The shadow of a doubt

Editorial While France has accelerated the easing of its lockdown and announced the opening of restaurants, cafés, day-care centres, secondary and high schools, and many Schengen countries have reopened their borders, the sharp rise in the number of infections in the United States and China tempered investor optimism by fuelling fears of a second wave. So despite new announcements by the Fed on its asset repurchase programme, investors are now doubtful about a rapid recovery in economic activity. Given the many uncertainties generated by the health crisis, caution is called for in the markets over the coming weeks.