Opening Bell 2021

There is optimism that we’ll regain pre-Covid levels of economic activity by year-end.
January 2021
Steven Bell

Steven Bell

Managing Director, Portfolio Manager & Chief Economist, Multi Asset Solutions


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Where will vaccines take the markets?

We have a deal on Brexit and a new US President. Both huge changes. And vaccines promise salvation but how will it play out? In his new year update, our Chief Economist Steven Bell takes a look at the prospects for the global economy and the implications for corporate earnings; all with a view to judging where financial markets are headed.

There is a lot of good news: as people get vaccinated, the number of hospitalisations will start to fall. Remember that the various vaccines have high efficacy rates for stopping you getting Covid symptoms, and against all the odds, it does seem that the UK government can meet its target of 2 million doses a week.
But don’t get carried away: let’s not forget that the pressures are set to hit breaking point.  And of course, the vaccine trials had very few elderly recruits and none looked at a single dose strategy, which adds to the uncertainty. And once we start relaxing restrictions, the fall in new cases, hospitalisations and fatalities will flatten.
To find out what this means for global economies and markets

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Risk Disclaimer

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.

Views and opinions have been arrived at by BMO Global Asset Management and should not be considered to be a recommendation or solicitation to buy or sell any companies that may be mentioned.

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