After a rough, tough performance month in the pan-European equity markets, the instinct is always to look away from the detailed data and conclude in a world of tightening pandemic restrictions and an imminent (and hotly contested) American presidential election, that uncertainty must induce investment caution.
Certainly it is a very challenging backdrop and we should sadly expect unemployment to rise and economic growth levels to be muted, despite the continuing efforts of policymakers to provide support mechanisms. When the history books are written on 2020 there will be few chinks of light and almost everyone will be pleased when the year clock ticks over onto 2021.
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