MPF/ORSO
                                                               
                                                               

                                                              Investment Views from Managers

                                                              BCT funds are managed by eight independent fund management companies. Their expert advice on the current market and investment tips will help you build a solid portfolio:

                                                              Market Snapshot
                                                              Apr 2020
                                                              Market Snapshot
                                                              Market Snapshot

                                                              United States

                                                              • The S&P 500 Index ended the quarter down by 19.6% after touching fresh highs in mid-February. US stocks sold off sharply on news of major COVID-19 outbreaks in South Korea, Italy and Iran. Fears over the impact of extended Chinese factory shutdowns on the global supply chain worsened sentiment. The United States imposed travel restrictions and quarantine measures on arrivals from a growing number of countries, as the virus spread across America...
                                                              Source:
                                                              Apr 2020
                                                              Market Review
                                                              Market Review
                                                              • China is gradually getting out of the shadow of COVID-19 with harsh lockdown nationwide. The focus for China now shifts to containing the risk of inbound cases.
                                                              • Policy is likely to be deployed in a targeted approach. We see local activity resumption a positive sign, however, China still face the demand falling as the global economy contracts.
                                                              Source:
                                                              Market Review
                                                              Global Monthly Outlook
                                                              Apr 2020
                                                              Global Monthly Outlook
                                                              Global Monthly Outlook

                                                              US oil futures – as measured by the West Texas Intermediate (WTI) May 2020 contract, collapsed yesterday, falling into never before imagined negative territory of -$40/barrel during trading in the US marking and closing at -$13/barrel in the biggest single-day decline on record. This means that producers were essentially paying buyers to take physical delivery.

                                                              Source:
                                                              Apr 2020
                                                              Monthly markets review
                                                              Monthly markets review

                                                              Highlights:

                                                              • The spread of the Covid-19 profoundly affected global markets in the first quarter. Equities suffered steep declines and government bond yields fell (prices rose) as investors favoured their perceived safety.
                                                              • Shares fell across developed markets as the coronavirus spread and countries went into lockdown to try to contain the outbreak. Governments and central banks announced measures to support businesses and households and reduce borrowing costs.
                                                              • Emerging market (EM) equities also tumbled, slightly underperforming developed markets as a strong US dollar proved to be an additional headwind.
                                                              • Government bonds saw yields fall (meaning prices rose) as investors sought out assets perceived to be lower risk. Corporate bonds underperformed government bonds.
                                                              • In commodities, oil prices plunged as the spread of coronavirus weakened the outlook for demand, at the same time as there was a breakdown of an agreement between oil producers to constrain supply.
                                                              Source:
                                                              Monthly markets review
                                                              Taking the Long View Through Today’s Uncertainty
                                                              Apr 2020
                                                              Taking the Long View Through Today’s Uncertainty
                                                              Taking the Long View Through Today’s Uncertainty

                                                              In this issue:

                                                              While the US economy continues to suffer the wrath of the coronavirus, a recovery will eventually come. Franklin Equity Group’s Grant Bowers provides his latest update on the US equity market, and what he and his team have an eye on with a long-term investment view.

                                                               

                                                              Source:

                                                              Some of the information contained herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but is not guaranteed and we do not warrant the adequacy, accuracy, reliability or completeness of such information obtained from or based on external sources. The information is given on the understanding that independent investment advice should be sought when making investment decisions; that it will not be relied on in the making of investment decision and that any person who acts upon it or otherwise changes his or her position in reliance thereon does so entirely at his or her own risk. This is not an offer to buy or sell or a solicitation or incitement of offer to buy or sell any securities referred to herein, save for BCT (MPF) Pro Choice and BCT (MPF) Industry Choice and their underlying constituent funds. It should also be appreciated that under certain circumstances the redemption of units/shares may be suspended. Investment involves, in particular, risks associated with investment in emerging and less developed markets. Please refer to the relevant prospectus for details. Past performance is not indicative of future performance.

                                                              Information contains on this webpage is for reference only. The views and opinions as expressed therein may vary as the market changes.