On the heels of Covid-19 and the oil shock, financial markets experienced a third blow yesterday (12 March) with a major confidence crisis. Speeches from US President Donald Trump and ECB President Christine Lagarde have shaken investor confidence in the ability to lead a timely and bold approach worldwide. Candriam revised its economic outlook scenario earlier this week. On the Asset Allocation front we remain prudent; we wait for a peak in infection rates, a resumption in activity and more meaningful fiscal measures. The recently-announced measures by the German Finance and Economics minister is clearly a step in the right direction.