JRE - 2021 Global Market Outlook - Q4 Update: Growing Pains

• The post-lockdown recovery has been powerful, and most developed economies have seen double-digit gross domestic product (GDP) rebounds from 2020 lows.
• The reopening trade should resume in coming months. The cyclical stocks that comprise the value factor are reporting stronger earnings upgrades than technology-heavy growth stocks, and the value factor is cheap compared to the growth factor.
• The key risk is that the delta variant or similar proves resilient to vaccination or that infection rates escalate during the Northern Hemisphere winter.

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