By: Bjoern Jesch
After a rollercoaster 2020, chances for a more "normal" 2021 are good. Economic recovery and central-bank support can serve as a safety net.
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By: Klaus Kaldemorgen
Monetary and fiscal packages are driving the markets, but their valuation leaves little room for economic disappointment.
How deep the crisis could be remains uncertain. The size of many aid packages, however, is rather concrete. Equities should be among the relative winners.
2019 has been exceptional for investors thanks to receding recession fears and generous central banks. 2020 is unlikely to be as good.