The ink has not even dried on the US ballot papers (!) but the Market already thinks it knows what this will all mean. And then there’s Pfizer’s vaccine announcement – perhaps similarly preliminary in nature – but, hey, the Herd will always take every silver lining it can find. Some of the themes we touched upon at the end of the Summer are still in play: Japan has been attracting money, non-oil commodities are rallying, gold has lost some lustre, bond yields are creeping higher, and Value may just be topping out at last v Growth.
On the eve of what is shaping up to be a particularly momentous US election, we offer our view of what is at stake – both in the markets and out in the real world, far beyond the flickering screens of the trading room.