We are ticking the box for a tumultuous September, which is the usual seasonal pattern, particularly during election years. For those who have gone through it, this may be understating the facts. At some stage, the Nasdaq index was down double digits, and so were oil & gas stocks. The VIX (volatility) index (the fever curve of stock markets) revisited the mid-30s, and UK real estate and global commodities were down high single digits. The safest assets were Swiss stocks and government bonds. While the US elections are still five weeks away and the pandemic is still dominating the headlines, some of the market turbulence seems to be exhausted in the short run.
A Season to be Joyful
As we enter 2021, we have seen over the past couple of weeks: • Pfizer’s and...