ACWI - International Equities At Year-End 2020 And The Promise Ahead
- The recovery in most economies moderated in the fourth quarter, with European economies again contracting. Nevertheless, global economic growth remains solid.
- November global manufacturing production grew at the fastest rate in 34 months, while the growth in global services sector activity was just slightly less than the October pace, according to the JP Morgan Global Composite PMI. December economic activity may be slightly weaker.
- Continued massive fiscal outlays and accommodative monetary policies with very low interest rates are expected to provide crucial support for equity prices.
- The outlook for international equity markets is broadly positive. Equity markets are forward-looking and are likely to look beyond the tough start to 2021, particularly in Europe, to the promise of a more positive medium term.
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International Equities At Year-End 2020 And The Promise Ahead