Equities achieved all-time highs to end 2020, driven by optimism that the pandemic will end soon and that global economic growth is building. Ultra-low interest rates, continued fiscal and monetary stimulus, and pent-up consumer and business demand underpinned valuations. Expectations were tempered by concerns over the pace of vaccinations, ongoing U.S. political challenges, and high global borrowing levels.
Please click on the link below for the full Winter 2021 Newsletter.