Q4 Investment Outlook & Portfolio Strategy

The global economy has staged an impressive comeback, with the resumption in activity and pent-up demand sparking a synchronous recovery. The timely and assertive response from monetary and fiscal authorities has been a critical force in guiding the economy back to life. Somewhat worrisome is the latest proliferation of the virus, with new cases surging higher across many major economies. Fortunately, the subsequent waves have not been accompanied by a sharp rise in fatalities and governments have been reluctant to reimpose draconian lockdowns, suggesting that we are unlikely to experience the same economic destruction witnessed earlier this year.