Standard Life Aberdeen profit down 10%, eyes 'turbulent' 2020 [Reuters (UK)]
ABRDN PLC UNSP ADR (SLFPY)
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Source: Reuters
Standard Life Aberdeen profit down 10%, eyes 'turbulent' 2020 - Reuters 3 Min Read LONDON (Reuters) - British asset manager Standard Life Aberdeen ( SLA.L ) said its full-year profits fell 10% after revenues were hit by outflows and warned of a turbulent market outlook given the volatility sparked by the coronavirus outbreak. Market moves on Monday were evidence of "pure panic", effectively pricing in a global recession, Chief Executive Keith Skeoch told journalists. The S&P500 .SPX posted its biggest one-day fall since the financial crisis as global equity markets plunged and investors scurried to safe-haven assets. However, a successful response to the virus by governments, including through fiscal stimulus, could see its impact reduced to a short, sharp economic shock with recovery in as little as six months, he added. Another wild card was the effect of sharply lower oil prices on demand, as it effectively worked as a tax cut for consumers. “Asset prices are suggesting a global
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