Resumo do Relatório
The world’s biggest laggard: Eye on the World 22/09/20
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Growth worries spread yesterday on rising EU virus restrictions and fading US stimulus hope. Drove classic risk-off, with defensives and work-from-home outperforming. Powell speech and Battery Day focus today.
HOT TOPICS looks at Spain, worst performing major market YTD with biggest GDP decline. COVID hit hard, with cases high and GDP exposed to hardest hit sectors and fiscal response lagged. LatAm exposure and financials/utilities heavy index not helped, and EPS still falling. Poorly placed on our framework but cheap and sensitive to a virus turnaround.
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