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Macro Insight - Moving towards a vaccine

Better news on vaccines boosts the global economic outlook. We would expect risk-assets and cyclical markets to outperform in this environment.
12 November 2020
    Download the full reportPDF, 318.16KB

    Key takeaways:

    • Recent positive vaccine developments raise the prospect for mass-immunisation in 2021
    • Mass rollout of vaccines could materially improve macroeconomic conditions, although challenges remain
    • Better news on vaccines significantly boosts the global economic outlook. We would expect risk-assets and particularly cyclical markets to outperform in this environment
    • Meanwhile, we remain underweight developed market government bonds given low prospective returns
    • Cyclical equities rallied on an improved outlook, whilst markets that have outperformed in 2020, lagged
    • The overall environment remains positive for global risk assets whilst government bonds could underperform