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Market performance broadens

17 August 2020

A more broad-based recovery appears to be underway as investors anticipate a bigger than expected US stimulus effect once Trump and the Democrats come to an agreement.

  • We were concerned a few weeks ago that markets were being carried by just a few major stocks, but performance is now extending to cyclicals and value stocks.
  • Bond yields are rising somewhat in anticipation of Washington eventually passing a delayed stimulus package.
  • Investors appear relaxed about Joe Biden's plans for increased taxes, which should be offset by more government spending if the Democrats win the coming US election.

 

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