December 4, 2020

Market Compass December 2021

Market Compass December 2021

Market Outlook
04/12/2020

Highlights

The strong risk rally may appear reckless amid resurgent Covid-19 cases, persistent risks of a hard Brexit and a (likely) split new US government taking office in January.
Yet markets are right in pricing recent vaccine news as a game-changer for the pandemic while central banks remain committed to extended stimulus.
We thus slightly extend our pro-risk tilt, favouring Credit and (more prudently) Equities.
A weakening US dollar favours exposure to Emerging Markets (EMs). Cash and Core Government Bonds remain unattractive.

Market Compass December 2020

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