Market Update - November 2020

FROM THE GLOBAL ASSET ALLOCATION TEAM 
- By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation

In October, investors turned decidedly cautious ahead of the pivotal U.S. election. Meanwhile, the lack of a breakthrough in fiscal stimulus negotiations dampened hopes for near-term support, while some worrisome global COVID trends and the subsequent tightening of restrictions on activity sapped risk appetite and fueled the safe haven bid. At the same time, investors were largely unphased by robust global economic and earnings results that revealed a rapid recovery scenario taking hold, with favourable fundamental trends completely overshadowed by headlines pertaining to U.S. politics and the proliferation of the coronavirus.