From the excellent Jonthon Mott at UBS:
A week is a long time… Now incorporating an Australian recession and QE
Given the rapidly deteriorating environment, UBS has further reduced our economic outlook. While we downgraded our bank EPS forecasts by ~3% last week these revisions already appear too optimistic. As a result, we have moved our ‘base case’ to what was previously our ‘downside scenario’. UBS FY21E sector EPS is now 15% below consensus. We have also added two more severe pandemic scenarios (see within).
