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Capital Market Outlook

November 2, 2020

IN THIS ISSUE

  • Macro Strategy — Housing Boom Leads The Recovery Credit spreads, overall financial-stress indicators, and the dollar have remained relatively tame, suggesting that the equity market is mainly consolidating its outsized gains since the pandemic trough while awaiting more clarity on the profits outlook.
  • Global Market View — The Dualism of Market Fundamentals In the backdrop of likely further choppy trading in the weeks ahead, we attempt to explore the dualism that exists within key fundamentals that should ultimately dictate where asset prices are a year from now.
  • Thought of the Week — The Power of the Chinese Consumer The future contours of global growth and global earnings are inextricably tied to emerging market consumer demand, notably demand from China whose middle class is on track to likely spend an amount head and shoulders above the middle class spending in the U.S. this year.​

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