Q3 2020 Global Markets Review & Outlook

The nascent bull market continued in Q3 as the MSCI ACWI hit new highs before encountering September turbulence—normal volatility, in our view, even this early in a bull market. Overall, global equities rose 8.1% in the quarter. Nine months in, global equities are up 1.4% on the year.

  • 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.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $189 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 09/30/21)