Vescore Global Market Outlook November 2020

Bisogna essere in due per ballare il tango in pista... ma anche sul palcoscenico mondiale. Mentre Donald Trump e Xi Jinping sembrano pronti a scagliarsi l'uno contro l'altro, un dialogo geopolitico costruttivo, magari dopo l'eventuale vittoria di Joe Biden, potrebbe dissipare i timori in merito a una guerra commerciale.

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.