Published on Monday, January 11, 2021

Global | 2020: the markets and their own COVID-19 vaccine

The financial markets are closing the highly unique year of 2020 having gone through various phases during it, moving at the pace set by the global pandemic. How have they evolved and what can we expect for 2021?

Key points

  • Key points:
  • 2020 has seen the near completion of three of the four phases of the market cycle. First, the adjustment phase (between February and March), triggered by the outbreak of the virus.
  • Secondly, the accumulation phase (from April to July), during which the large liquidity injection from central banks and fiscal stimuli were particularly notable.
  • And finally, the mark-up phase that began in the second half of the year, driven by news about the high efficacy of vaccines, and the consequent improvement of cyclical expectations.
  • It remains to be seen whether events unfold as expected and the growth phase continues into 2021.

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