Although the S&P 500’s rally over the past two months is remarkable, we don’t think that it reflects excessive optimism among investors. In our view, equities can rise further from here.

Although uncertainty about the post-virus prospects for the global economy should continue to support the US dollar, we think that the ongoing recovery in risky assets and the fall in US interest...

We don’t think that the recent outperformance of automakers’ equities will continue, even if the global economy starts to recover and equity markets recoup more of their coronavirus-induced losses.

Even though some economies in Latin America and EMEA are still struggling to contain coronavirus outbreaks and are likely to recover only slowly afterwards, we doubt that their equities will continue...