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LGT Beacon: Tactical asset allocation for Q1 2021

December 16, 2020

The policy-backed global economic rebound from the COVID-19 shock continues and is now underpinned by the prospect of an early rollout of vaccines in most parts of the world. However, investor sentiment is now generally bullish, which makes us aware of the risk of short-term setbacks. We therefore increase equity risk only at a measured pace at this point. 

The base case for a continuation of the global economic recovery remains intact. As things stand today, the global economy is on a path to surpass its pre-pandemic trend sometime late next year. This outlook is supported by the monetary and fiscal policy backdrop, progress in vaccines research and therapeutics in the fight against COVID-19, as well as receding political risks stemming from the US elections.

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Note: The next edition of the LGT Beacon is scheduled for January 2021.