... despite low debt-to-income ratios, the percentage of government transfer payments (social benefits) now comprises 1/4th of real disposable incomes.
"An orderly Trump victory as the most favorable outcome for equities (upside to ~3,900).... A ‘Blue Sweep’ scenario is expected to be mostly neutral in the short term..."
While these restrictions are not yet as tight as in spring, the latest set of data has already revealed that the pace of economic recovery in services has started to lose momentum...
It's another very busy week, including the peak of earnings season as 184 S&P 500 companies report; we also get several central bank announcements and what will likely be a record GDP print in the US.
The belief that central banks printing currency can "buy/fix" everything that's broken, lost or scarce is the ultimate in denial, fantasy and magical thinking.
"The decreasing likelihood of U.S. fiscal stimulus pre-election, possibly even pre year-end, as well as worsening virus numbers and increasing lockdown measures all seem to be taking the shine of what was a rather complacent market view of the outlook."
Days after US regulators gave the AstraZeneca-Oxford vaccine the green light to re-start its US-based trials, the FT is reporting new data that seems promising, even if it's still pretty preliminary.
