Equity markets have continued to consolidate in a sideways pattern over recent weeks. While there is no internal clock for when markets will break into a new trend, a tightening range can often precede a directional break. The fundamental picture of a post COVID-19 lockdown world has become slightly clearer over the past two weeks with earnings weakness unfolding more or less as expected given the economic damage, with some modest positive developments on the margins. From a containment perspective, regions around the globe are gradually re-opening and have so far not triggered a mass increase in new daily cases. Potential new treatments and vaccines are also progressing.