Looking ahead, Morgan Stanley expect....>

MARKET TALK: Looking ahead, Morgan Stanley expect "new clusters of COVID-19

infections to emerge, and our base case assumes a second wave in the autumn and

winter. However, we think that public health systems will be better positioned

to manage the second wave. Testing and tracing capacity are ramping up, the

authorities are more attuned to potential strains on medical equipment and

services, and we believe that they will stockpile supplies ahead of the autumn.

We think that renewed social distancing and selective and rolling lockdowns will

keep outbreaks in check without strict nationwide measures (like the ones we saw

in March-April this year). Hence, we believe that the global economy will be

able to sustain its recovery and avoid a double dip, keeping us firmly in the V

camp."