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COVID versus Biden’s Budget Promises

Jan 25, 2021

3:08 pm

• COVID cases continue to climb but market focused on President Biden’s promises. • Asian data shows strong exports led principally by manufacturing. • Emerging market debt challenged but still able to perform. • Vietnam awaiting political news and primed for further performance. • Corporate results season expected to beat expectations. • Nothing expected from…

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President Biden – And Now for Something Completely Different

Jan 18, 2021

12:47 pm

• $190 trillion emergency package expected within days • Infrastructure “Build back better plan” expected in February • Acceleration of COVID 19 vaccine distribution • Global trade antagonism toned down • Financial markets like the support for growth but wary of a build of inflations Viewed from all possible angles, the start of the Biden…

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Silver Linings Even in Adversity

Jan 11, 2021

3:43 pm

• Even trouble in Congress can’t stop the bull run in asset prices. • Biden’s majority in both houses opens the prospect of further significant fiscal support. • Eurozone policy makers have yet to respond to the aggravated COVID crisis. • US inflation-linked bonds discount a lot of inflation but we don’t believe the Fed…

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Review of Asset Market Returns for 2020

Jan 5, 2021

2:42 pm

Risk assets did well, considering the context. It is difficult to imagine a more challenging year for markets if one was to judge purely on the economic damage wrought by COVID-19. Nonetheless, most bellwether equity indices managed to post positive returns for the year. There were wide disparities at the sector and regional level as…

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