VEU - Global Perspectives: Moving To A Cautious Outlook

• We move to a cautious outlook on global equities. During September, we are continuing to see risk factors build while equity valuations remain at extraordinarily high levels.
• While global earnings estimates for 2021 have provided a strong tailwind for markets in 2021, this impetus is now fading as earnings forecasts have risen to beyond those prevailing prior to the pandemic.
• We, therefore, take the opportunity to move to a cautious position on global equities, notwithstanding the modest declines over the past few weeks and the still-positive current economic conditions.

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