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Macro: Tracking the Loss of Momentum
The two axis around which risk appetites gravitated for the past six months is in full force next week. The first is the Covid-19 itself. Many countries are experiencing a new intensification of the virus spread, including wide swathes of Europe and more than half the US states. New social distancing rules are being (re-)imposed, which cannot have constructive consequences for near-term economic consequences. Canada's Trudeau warned that his country was at a tipping point for the second wave. With some trepidation, the northern hemisphere heads for winter and less outdoors just as many people's acceptance of the ... (full story)