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Global: The rally in equities we have observed in the past three weeks has caught many participants by surprise, including investment gurus such as Howard Marks or Jeffrey Gundlach. After falling by over 35 percent from peak to trough, the SP500 recovered a third of its February / March losses and has pulled back to the 50% Fibo retracement of its yearly range. Has the market already bottomed? It is interesting to see that equities are currently ignoring the dramatic plunge in the real economy with unemployment rate expected to reach 25 percent