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Capital Market Outlook

November 9, 2020


  • Macro Strategy — Rapid Recovery Surprises Economists Leading indicators and rising global momentum point to stronger growth ahead which is a favorable backdrop for the 2021 outlook for the global economy and stock markets, in our view.
  • Global Market View — The Coming Shift in the “Commanding Heights" and the Investment Implications  Owing to the pandemic and U.S.-Sino geopolitical tensions, the state now controls the “commanding heights" of the economy.
  • Thought of the Week — China's Fifth Plenum: Quality, Self-Reliance, Leadership These communiqués stress higher-quality economic growth, and greater technological self-reliance while reinforcing the climate-change ambitions of the nation's leadership.

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