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MARKET COMMENTARY

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The Wait-and-See Rally that did not Wait

Dec 7, 2020

6:20 am

• November sees significant returns to most risk assets • Leadership was outside of the US as Europe rebounded strongly • Value in energy and financials outpaces technology • High yield has a vaccine inspired rally, • EM failed to keep up the pace but should see good support November saw some extraordinary gains for…

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It’s Only as Good as it Seems

Dec 1, 2020

6:47 am

• Markets keep faith in the prospect of a vaccine, and ongoing support from policymakers. • With equities in a euphoric mood it is worth keeping in mind some of the risks • Latest Fed minutes and Yellen at the Treasury argues for anchored long-term rates • Low mortgage rates bring vibrancy in the housing…

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Even the Turkey is Worried

Nov 23, 2020

8:52 am

• President Trump’s ongoing breaking with convention remains a risk to markets. • COVID remains a significant near-term risk to the global economy and markets. • US and Europe expected to see negative growth over the turn of the year. • Fed expected to act in December probably by keeping long rates anchored. • Value…

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Reality Holds Back the recovery

Nov 19, 2020

12:23 pm

• Markets stuck between discounting the hopes for the vaccine and the reality of building COVID cases. • Economists mark back their growth forecasts for the fourth quarter. • Central bankers give every indication of remaining supportive, indeed they may even reinforce their easy monetary policies in the coming months. • In reality government bonds…

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