The uncertain phase continues on the market. For the time being, uncertainty seems mostly concentrated in Europe, due to the sharp increase in new infections, whereas the US market seems to be pricing in a more positive scenario, in waiting for fresh post-election stimulus. In the background, macro data in the US are being confirmed solid, and in Europe the first effects of the new wave of the epidemic are showing in the worsening of services sector confidence indices.
Audio recorded on 26 Oct. 2020