Boost to returns likely to be short-lived

A turnaround in returns during March hinted at a brighter outlook, though this mainly reflected favourable base effects. We think both structural and cyclical headwinds remain and do not see this as the start of a sustained recovery. With restrictions only unwinding gradually in Q2 and lingering scarring in some sectors, there is limited further upside in the near-term, despite the more favourable economic outlook.