Activity resilient to lockdown stall: Eye on the World 31/08/20

We are back after our break! The S&P 500 is bucking seasonality and on track for best August in over 30-yrs, with EM and DJIA also now up for year (and EU/JP lagging), following dovish Fed and robust consumer last week.

HOT TOPICS focuses on resilient global activity despite stalled lockdowns. This week see key US labor and ISM data, Fed follow-up commentary, and China/EU recovery momentum. We see markets well-supported (recovery resilience, poor sentiment etc) with multiple upside catalysts (vaccine to fiscal deal).

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