The outstanding risk rally in November may appear reckless amid resurgent Covid cases, persistent risks of a hard Brexit and a (likely) split new US government taking office in January. The broad-based rally (comprising also Credit, EMs and
Commodities) may seem reckless. Lockdowns in Europe
may persist over the winter, while laissez-faire in the US
warrants a sharply rising death toll. Daily Covid casualties
exceeded 2,000 in the US even before Thanksgiving, a
potential national superspreader event.