Welcome to Thoughts in the Market.

I'm Andrew Sheetz, Chief Cross-Asset Stragist for Morgan Stanley.

Along with my colleague Springy of Ridey, Perspectives, I'll be talking about trends across

the global investment landscape and how we put those ideas together.

It's Friday, August 6th at 2pm in London.

Markets like stories.

Markets like stories because they're made up of people and there's a very human attraction

to a good narrative that probably goes back to time immemorial.

And markets like stories because markets are complicated and investors are busy.

Anything that simplifies this is a welcome respite.

The latest story is sweep through the market is that the surge in the Delta variant

and slow progress on infrastructure are putting growth at risk.

Like any good story, it comes with compelling illustrations.

Both interest rates and economically sensitive stocks have declined exactly what one would expect

if the economy was at risk.

On the surface, the story seems pretty logical.

COVID cases are once again rising in the US and around the world.

Progress on increased infrastructure spending in theory,

one of the easiest policies on which to find bipartisan agreement has appeared to slow

and some recent data has disappointed.

But as August turns to September, we think the story will shift.

Growth optimism should come back.

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