Tuesday 22nd December 2020
You might have expected a positive market response as the US politicians reach agreement on a fiscal stimulus bill, particularly as Europe became the latest region to approve a vaccine. NAB’s Ray Attrill talks through how sentiment has rapidly switched direction. Investors have tended to look through short term concerns for the optimistic longer-term outlook, when COVID-19 is but a distant memory. But the rise in numbers in the UK and fears of the new strain that spreads faster has led to a sudden realisation that the short-term downside might last longer than expected. Then there’s Brexit – check back next week on that one. We’ll be back early in the new year. Enjoy your break.