Q3 2020 Global Markets Review and Outlook

Inside, you will find a summary of market activity and our market outlook.

  • Equities Appear to be in a New Bull Market: The rally since late March looks to us to be a new bull market forming as equities look further into the future and anticipate a recovery.
  • Equities are Leading the Economic Recovery: As a leading indicator, equities have started recovering well before Covid-19 is gone, restrictions are removed, or the economy recovers.
  • Early Bull Markets Begin with Pessimism: Volatility is to be expected, but with pessimism about a second wave growing and positive data garnering little fanfare, we think more gains are likely.