Cliff Notes - Best Month Ever
December 7, 2020
In This Week's Update:
- Positive news on vaccine development and the formal start of U.S. President-elect Joe Biden’s transition to the White House drove global stocks to record highs. US Small Cap stocks will have their best month ever.
- The expected nomination of former Fed Chair Janet Yellen as the Treasury Secretary also helped lift the mood. Yet the rally fizzled after disappointing jobs data pointed to a slowing of the restart as the virus surges around the U.S.
- We still expect the cumulative economic hit from the Covid shock will be just a fraction of that seen in the wake of the global financial crisis.