Post-Pandemic Portfolio Positioning
MONTHLY MARKET OUTLOOK 3 MAY 2021 Post-Pandemic Portfolio Positioning IN THIS ISSUE Overall, global equities are 25% higher (as of 22 April) than they Post-Pandemic were at the end of 2019, even though economic output, Portfolio Positioning employment and corporate investment are below their pre- pandemic peak. Equity gains of 30% in the US and China, reflect Page 1 – 2 the enormous fire power of their fiscal, monetary, policy and health care actions. After such returns, investors may be fixated Bonds: US Variable- on the drop to come and assume markets have “gone too far”. Rate Bank Loans Citi analysts think the world is likely to see a multi-stage recovery among Preferred as COVID-19 is eradicated more slowly in some regions than others. It is therefore important to assess relative valuations. Segments Page 3 Read more on page 2 > A Generally Robust Market Performance Year Anticipated for Commodities US equities rose in April, with the MSCI Emerging Markets gained Page 4 Dow Jones Industrial Average 2.37% in April. MSCI Emerging gaining 2.71%, the S&P 500 Europe was up 1.61% while MSCI Medium-Term advancing 5.24%, and the Nasdaq Latin America gained 3.19% for Outperformance Composite rallying 5.40%. the month. Expected for USD In Europe, the European Stoxx In Asia, MSCI Asia ex Japan rose Page 5 600 and FTSE100 rose 1.81% and 2.41%. Taiwan’s TAIEX Index 3.82% respectively. In Japan, outperformed in the region, Nikkei 225 and Topix declined by advancing 6.91% for the month.
[Show full text]