On the whole, recent developments have been significantly more positive than negative. There are two big positives; a vaccine trial has reported extraordinary success, and the U.S. election has now been (mostly) resolved. However, there is still a massive negative to weigh against these positives: the COVID-19 figures are, for the moment, continuing to deteriorate, and quite badly. Furthermore, even as stricter rules hold out the hope of taming the virus, this will mean more economic damage in the near term.

Click here for the full report; RBC GAM MacroMemo.