market update

Key Points

  • Markets were generally “risk-on” last week as the transition of power begins in the US.

  • Janet Yellen’s appointment to the Treasury was well received.

  • Souring relations with China cast a shadow over an otherwise positive week for Australian assets.

Key Points

  • The continued rise of American virus cases and the reimposition of restrictions are holding back the global equity market.

  • Positive announcements on vaccines and treatments continue to arrive.

  • Underlying trends in global growth remain positive.

  • Global cyclicals and smaller companies should benefit.

Key Points

  • Despite a rapid rise in US coronavirus infections last week, investors were focussed on news that  an effective coronavirus vaccine may soon be available.

  • Looks like economic recovery will happen much faster in 2021

  • Markets were understandably “risk-on”, with substantial sector rotation also visible.

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