Capital Market Outlook
December 7, 2020
IN THIS ISSUE
- Macro Strategy — Profits Surge Validated Financial Market Ebullience — The current surge in corporate profits has put to rest suspicions of a disconnect between financial market conditions and economic fundamentals.
- Global Market View — A Look at International Markets — Despite the global equity rally, international equities remain historically undervalued compared to those in the U.S.
- Thought of the Week — Market and Mergers & Acquisitions (M&A) Rebound the Fastest in Decades — Stronger business confidence is also behind one of the quickest M&A recoveries in decades.
Important Disclosures
All data, projections and opinions are as of the date of this report and subject to change.
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S" or “Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation.
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All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be in the best interest of all investors.
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