The writer is chairman of Fulcrum Asset Management
The second wave of the pandemic continues to gather pace in Europe and the United States, but the optimistic news about vaccines has trumped these worries in the minds of investors.
Because they see the global boost to economic activity from the vaccine as potentially larger than any loss of fiscal stimulus in 2021, the markets have interpreted the news as a demand shock, raising bond yields and damaging the relative performance of technology stocks versus cyclicals.
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