Investment Institute
Monthly Market Update
Man standing in london during COVID19

December Global Macro Monthly & Investment Strategy - Covid 19: It’s behind you… Oh no it isn’t

  • 27 December 2020 (5 min read)

Key points

  • The pandemic dominates the short run outlook. In the Eurozone and UK, cases remain elevated and restrictions could rise anew. In the US, this process is underway as cases set new records. Both threaten winter weakness
  • A vaccine offers hope for 2021. Restrictions could be eased as the vulnerable are inoculated. Mass vaccination should spur growth more materially.
  • Rising global trade has boosted some economies, including China and Germany. While renewed virus cases threaten another demand dip, the vaccine poses some threat if consumers rotate to long-denied services.
  • Policy remains supportive. The Euro area agreed on its fiscal programme. The US looks set to pass further short-term emergency stimulus. Central banks remain committed to ongoing accommodative policy, with the ECB the latest to extend its policy easing, now through to 2022.
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    This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.

    Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

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