Our monthly market analysis and positioning
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.
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By: Christian Hille
2019 has been exceptional for investors thanks to receding recession fears and generous central banks. 2020 is unlikely to be as good.
Central banks have pushed valuations up, leaving little upside potential. We stick to equities and hedge portfolios.
We are less gloomy on the outlook than bond markets. In our view, equity markets have to correct before offering opportunities for entry.
Strong S&P 500 EPS results for the third quarter, probably the best for the year
Covid-19 infection rates are on the rise again. So, why have growth forecasts become more optimistic? Trends in service-sector sentiments suggest some answers