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Market & Portfolio Commentary

31-12-2020

In Brief

UK & Europe

  • COVID-19 vaccine approvals and shipments set the year-end tone for financial markets, injecting momentum into equities even as virus caseloads swelled and investors took U.S. presidential election and Brexit cliff-hangers in stride.
  • The European Central Bank expanded its emergency bond buying, continuing its “whatever it takes” approach; market pricing implied expectations the Bank of England (BoE) will move to negative rates in 2021.
  • With excess liquidity surging to new highs and yield curves flattening, our portfolio managers added longer duration securities to lock in yield, purchased new issues and added back high-quality corporate securities.
  • While 2021 is expected to see a return to normality and improving growth, continued lockdowns will remain an economic headwind; we expect low central bank rates for the foreseeable future.

FULL QUARTERLY COMMENTARY (PDF)

APAC Market & Portfolio Commentary 4Q20

Quarter in review: Asian economies recover from pandemic blow but face headwinds to sustained growth

Read more

UK & Europe Market & Portfolio Commentary Q4 2020

As central banks maintain support, vaccines ignite light at the end of the tunnel

Read more

US Market & Portfolio Commentary Q4 2020

Vaccine news and policy support boosts optimism for 2021 recovery

Read more

MORE INSIGHTS

Liquidity Insights

We simplify the complex with insights on market events that affect liquidity portfolios to help clients make confident investment decisions.

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Eye on the Market

Explore Eye on the Market, timely commentary that offers views on the economy, markets, and investment portfolios by Michael Cembalest.

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Market Updates

Read our weekly commentaries to get market insights that may help inform your investment strategy.

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Audio Commentaries

Hear from Global Liquidity Portfolio Managers about quarterly topics of interest.

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