Markets Update: The Bull Run in 2021

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 20 November 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Goldman Sachs Research remains confident about the global recovery in 2021, says Peter Oppenheimer, the firm’s chief global equity strategist. “We are optimistic for equity markets, risk assets and indeed the economy,” Oppenheimer says in this episode, and goes on to explain why he thinks the current bull market is transitioning from a “hope” phase to a “growth” phase. “As we move forwards in time, we do expect to see more even returns globally – less so than extreme outperformance of the US,” says Oppenheimer. “We would expect people to be diversifying more by country, region and by industry.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to our exchanges at Goldman Sachs Markets Update for Friday, November 20th.
0:08.8	Each week we check them with a leader across the firm to get a quick take on what they're
0:12.3	watching in the markets.
0:14.0	I'm Jake Stewart, Global Head of Corporate Communications here at the firm, and my guest today
0:18.5	is Peter Oppenheimer, Chief Global Equity Strategist and Head of Macro Research in Europe.
0:24.9	Peter and his Goldman Sachs research team are out with a new report titled Global Strategy
0:29.4	Outlook, The Bull Run in 2021.
0:32.5	We'll be talking about that report today.
0:34.8	Peter, welcome back to the program.
0:36.3	Thank you, Jay.
0:37.3	Great to be here.
0:38.3	It's nice to see you with that sunny London backdrop.
0:41.5	What's your latest Global growth outlook for 2021?
0:45.0	Well, from the title of that outlook piece we did, you know, we are optimistic both of
0:51.4	equity markets, risk assets, and indeed the economy.
0:55.0	If we look at the economy first of all, we're forecasting global growth next year of 6%.
1:01.5	And that's quite a bit above the current consensus which is a little bit more than
1:05.4	5 percent and we're well above consensus for the US we're looking at around 5.3 percent growth there and pretty much the same across Europe. So a strong economic
1:16.7	recovery, albeit from a very low base and one of the deepest recessions of course that we've
1:22.1	had for many decades.
1:24.4	But I think that this strong outlook is supported by the prospects for more positive news
1:31.1	on vaccines and the implementation of those as well as more positive
	...

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