Q3,2020 | RECOVERY EXPECTED TO CONTINUE, LIKELY WITH SOME SURPRISES ALONG THE WAY

INVESTMENT ENVIRONMENT EQUITY MARKETS FIXED INCOME MARKETS
Monetary and fiscal policy proving very effective at soothing financial markets, with more stimulus to come if required. Stocks continue rebound, led by tech and cyclicals, on better-than-expected earnings and guidance. Central Bank purchases have helped absorb additional supply and supported corporate bonds resulting in a lower cost for debt financing.

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