The optimism for recovery that’s priced in commodities is the risk for the rest of 2021, as we expect more of the same conditions from before the pandemic, favoring ones with low rather than high supply elasticity.
A scenario of selective 2021 dollar weakness across G10FX is intact, but we can’t see a one-way trade and some currencies may temporarily retreat when the dollar bounces next, given positioning and moves year-to-date.
Banking accounted for 22 of the Stoxx 600 members in the first quintile for value and was the most represented industry group, ahead of insurance at 21.
Near-zero interest rates during the pandemic pushed the global wealth management sector to hit new record highs of $110 trillion in assets under management (AuM) in 2021.