Report
The role of inventories in the COVID-19 crisis, and afterwards
In a typical recession, inventories reflect a delayed reaction to the fall in sales. This leads to excessive stockpiling. As sales adjust slowly, this surplus has to be absorbed before the recovery takes hold durably. In the COVID crisis, production came to a brutal halt, and then demand for industrial products surged. Companies started the recovery with excessively low inventory levels relative to their orders. The consequences are twofold. Industrial confidence is exuberant as ...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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