Global capital markets have recovered much of their losses far quicker than anticipated by many, and ahead of any economic revival. On the 10th of March 2020 we began briefing corporates on the impact of Covid-19 on capital markets. This update supports our original analysis. With global stocks recovering as of mid-April, now down less than 20%, we have emerged from a bear market into a V-shape. Even though the Covid crash was unprecedented, all markets exhibit a ‘boom and bust’ trend. Aggressive government intervention, fiscal and monetary, has helped capital markets bounce back. What we have seen since the great depression is that the time it takes for markets to recover is contracting. This supports our forecast that it will take months instead of years for markets to recover from the Covid crash.