• Angus Crennan

An expensive market torn in two

Updated: Nov 18, 2020

There are two dominant themes emerging as the driver of investor sentiment.

The first is the increasingly positive news about vaccines, that is already driving sector rotation.

The second is the ongoing hostile partisanship leading into the US senate run-offs in January - that combative stance suggests no meaningful new fiscal stimulus is likely anytime soon.

Regardless of the vaccine news short term the US needs to get the virus undercontrol which means controlling people's movement and thus their economic activity. This poses challenges for small businesses and unemployed households in the near term.

** Photo credit Frédéric le Mouillour

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