Vescore Global Market Outlook November 2020

Il faut être deux pour valser sur la piste de danse comme sur la scène internationale. Tandis que Donald Trump et Xi Jinping se refusent à entrer dans la danse, un dialogue géopolitique constructif, peut-être après une victoire de Joe Biden, pourrait réduire les tensions commerciales.

A key factor in assessing the fundamental economic market environment at the start of September is the change in US interest policy: a reformulated inflation target. Against the backdrop of further economic support from central banks, our models take a short position in bonds and remain overweighted on equities, albeit to a lesser extent.

Investors’ risk appetite changed over the course of July with our risk indicator in green territory for the first time since June 2019. We continue to overweight equities, but to a lesser extent. Gold still shines.