Steven Bell Monthly Update – Vaccines versus variants: where to next for markets?
The pattern of global growth is dominated by vaccine roll-outs, with the US and UK leading. US fiscal policy is moving from stimulus to tax increases – have earnings estimates factored this in? Does Europe’s vaccine catch up offer a buying opportunity? In his Monthly Macro Update, Steven Bell runs through the progress of vaccine roll-outs, how various lockdown restrictions are feeding through into economic data, and what this all means for the fortunes of financial markets.