U.S. Treasury yields finished slightly lower last week, moving within a narrower range as markets stabilized. Investors – especially those in higher risk assets – were encouraged by the announcement of additional Federal Reserve (Fed) programs and fiscal stimulus of more than $2 trillion. Risk-off sentiment returned later in the week, however, mainly due to the astounding jump in initial jobless claims.

U.S. stocks peaked on 19 February, then plummeted in the deepest and fastest decline to a bear market in history. Last week, prices rebounded sharply, as the S&P 500 Index experienced its largest weekly gain since 1938, up over 10%.1 At this point, we expect economic data will decline sharply, but we also think we’ve already seen the primary low for this
bear market. Clarity will take time to emerge, but we see opportunities
at depressed prices.

As coronavirus fears roil the equity and fixed income markets, real estate investors may be wondering how to monitor and assess the asset class. Nuveen Real Estate’s experts offer their collective insights on the global, regional and country level along with sector views. Our chief investment officers also discuss the implications for real estate portfolios and what may lie ahead for real estate markets.

At this point, it appears the worst of the panic selling across global financial markets may be behind us. Thanks in large part to widespread stimulus measures, market liquidity has been returning, but investors remain unsure of how to structure and rebalance their portfolios. Nuveen’s Global Investment Committee provides some perspective on the key questions we’re hearing from our clients.

The sudden stop in the global economy due to the spread of the coronavirus requires an aggressive response from monetary, fiscal and health authorities. We saw considerable progress this week, although much uncertainty remains.