· Economically sensitive stocks are ‘spring-loaded’ for gains despite slowdown jitters, top investor Jeff Mills says
Bryn Mawr Trust’s Jeff Mills sees the recovery hitting major speed bumps tied to the new wave of lockdowns.
But the top investor refuses to turn bearish on economically sensitive stocks — even if GDP turns negative.
“The market is telling us it’s going to look past the slowdown that we’re going to experience in the first quarter,” the firm’s chief investment officer told CNBC’s “Trading Nation” on Friday. “Small has outpaced large. Value, industrials, banks [and] interest rates have held in there.”
· Asian shares rise as vaccine hopes inject relief
Asian shares rose on Monday, pushing a broad regional index to a record high as investors pinned their hopes for economic revival on coronavirus vaccines, even as the world contends with surging case numbers and delays to fresh U.S. stimulus.
European investors shared the brighter outlook in early trades, with pan-regional Euro Stoxx 50 futures gaining 0.29%, German DAX futures 0.26% higher and FTSE futures up 0.21%.
Investors’ fresh optimism comes after a top official of the U.S. government’s vaccine development effort said Sunday that the first vaccines could be given to U.S. healthcare workers and others recommended by mid-December.
Despite the grim backdrop of accelerating COVID-19 infections in the United States, the forecast helped to raise hopes that lockdowns that have paralysed the global economy could be nearing an end.
Seoul’s Kospi was 1.83% higher as an optimistic earnings outlook for South Korean chip giants drove gains.
Japanese markets were closed for a holiday, but Nikkei futures added 0.27% to 25,815.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.71% on Monday, pushing past a previous record high touched on Friday.
· China's blue-chip index ends at over 5-yr high on materials, energy boost
China's blue-chip index on Monday ended at its highest in more than five years, led by gains in materials and energy stocks, as hopes of a vaccine-led recovery boosted risk appetite.
The blue-chip CSI300 index rose 1.3% to 5,005.03, its highest closing level since June 17, 2015, while the Shanghai Composite Index added 1.1% to 3,414.49.
· European markets gain on coronavirus vaccine hopes
European stocks climbed on Monday morning as hopes rise that effective coronavirus vaccines will start to be rolled out soon.
The pan-European Stoxx 600 gained 0.9% in early trade, oil and gas stocks bouncing 2.5% to lead gains as almost all sectors and major bourses entered positive territory.
Reference: Reuters, CNBC
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