- Global Investment Views - December 2020
Global Investment Views - December 2020
Wednesday 25 November 2020
Global Investment Views - December 2020 - CIO Views
As we approach year-end, markets can count on two pieces of news to propel some optimism. The first comes from the US, where the Biden victory, without a real Blue Wave, is seen by markets as the best possible outcome. A Republican, or even a 50-50 senate, would make it very hard for the new president to pass any extreme measures in terms of fiscal push, more drastic legislation or tax increases. The other positive news came from Pfizer/BioNTech and Moderna, regarding the high efficacy of their vaccines, while other trials are also accelerating...
Cross Asset Investment Strategy - January 2021
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Italy: ECB's umbrella to protect bond market, despite uncertain political situation
Political situation: On 13 January, Italia Viva – a minor coalition partner led by former Prime Minister Matteo Renzi – pulled out of the ruling coalition, leaving the government short of a majority in the Senate. However, we believe that snap elections are unlikely for now. In our view, the most likely scenarios are: Prime Minister Giuseppe Conte could seek to win a confidence vote, with support from parties both inside and outside the ruling majority and also unaffiliated lawmakers (Gruppo Misto); Conte could step down, triggering a new round of talks that could eventually lead to a new administration, headed by Conte himself or another Prime Minister, with support from the same alliance; or a caretaker administration could be appointed to manage the government until the next election.
How to capture the potential premium of companies on an improving ESG trajectory?
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