Summary -Worldwide market selloff -COVID cases breaking records -New fund in Private Client portfolios
Hi there—here is this week's update!
Markets Affected Worldwide
COVID cases are spiking around the world, causing lockdowns throughout Europe and a worldwide market sell-off.
While European stocks weren’t as rewarded as US stocks, we are seeing a worldwide sell-off right now.
There are a lot of variables affecting the US economy and markets currently.
We are seeing record levels of daily new COVID cases, a record number of businesses shutting down, and new lockdowns throughout the world.
GDP figures were released last week, which popped. However, we were at such depressed levels that almost any increase would be substantial. While this news can be taken as a good sign at face value, it’s important to realize that the US economy is still in a worse place than it was during the financial crisis.
On top of all of this, investors are worried about a contested presidential election. If the election is contested, we’re expecting there to be a delayed stimulus and additional economic instability. This would not bode well for the markets.
We believe that there will be continued volatility over the next few weeks, and if lockdowns continue throughout Europe and in the US, we may see this sustained for some time.
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