Vanguard economic and market update

21 October 2020 | Markets and Economy


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 For advisers: Vanguard economic and market update

 For your clients: Vanguard economic update

Vanguard's key points:

  • Recovery levelling off in Europe, with Germany and Italy expected to fare better than Spain and France.
  • Targeted virus-suppression efforts and Brexit uncertainties weighing also on UK economic recovery.
  • In the US, we foresee annualised growth of around 22% in the third-quarter and around 7% in the fourth-quarter. It could be another two years at least, though, before US economy recovers to its pre-Covid trajectory.
  • China, in contrast, on course to have fully recovered from the Covid-19 pandemic by year’s end.

Note: These points represent the house view of the Investment Strategy Group’s (ISG’s) global economics team and other experts as of 14 October 2020.

Important Information

For professional investors only (as defined under the MiFID II Directive) investing for their own account (including management companies (fund of funds) and professional clients investing on behalf of their discretionary clients). In Switzerland, this document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.

The material contained in this document is for educational purposes only and is not a recommendation or solicitation to buy or sell investments.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Issued by Vanguard Investments Switzerland GmbH.

© 2020 Vanguard Asset Management, Limited. All rights reserved.

© 2020 Vanguard Investments Switzerland GmbH. All rights reserved.


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