Each month our investment team provides a summary of stock markets around the world. We analyze what has happened, what we think will happen, and how best to position portfolios for their optimum risk-adjusted return.
November's vaccine announcement was a pivotal moment for markets. Before the announcement, stocks were stuck in two-speed mode; resilient growth companies were at all-time highs, while more cyclical sectors had been pummelled. The vaccine has flipped sentiment on its head, as investors poured back into cyclical stocks, anticipating an end to pandemic lockdowns. However, we think significant questions remain.