The United States is well ahead – in the stock market.

S&P 500 earnings could exceed their 2019 levels as early as 2021. This partly reflects the index's sector composition, which is significantly more favorable than that of European indices.

Americas CIO View

By: David Bianco

2021 outlook: no easy choices, diversify

CIO View complete

Receive the full comprehensive CIO View in one document

Americas CIO View

By: David Bianco

Still some S&P 500 upside on stable policies and recovery with low interest rates

Why stocks rely on interest rates staying low

Low real interest rates have been a driver of stock-market valuations in recent years. That need not spell trouble for 2021.

Golden November - so far

The U.S. elections and a Covid-19 vaccine breakthrough have provoked an upheaval in capital markets. Euphoria prevails, with foreseeable pitfalls.