Economic momentum propels capital markets higher
MONTHLY MARKET COMMENTARY |
Major capital markets around the world delivered uniformly positive results in the month of April with investors emboldened by reaffirmed commitments to accommodative stimulus and the demonstrable gains made toward wider scale vaccination. Importantly, these factors stoked tangible gains across a host of economic data, suggesting the bid to return to normal is both viable and, perhaps, imminent.
Near-term capital market prospects, in our view, remain tethered to the same host of factors that contributed to the market advances experienced over the last several quarters; namely, the decidedly accommodative (and ample) supply of stimulus and the meaningful gains achieved on the vaccination front. These conditions should hasten the pace of reopening and forge a more distinct path to a sustained economic recovery. Moreover, the improving economic data we highlight elsewhere in this update and a strong earnings reporting season heighten our conviction that the near-term prospects appear to be, on balance, favorable for risk assets.
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