November 2020 Market Wrap

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November has been a frenzied month, starting off with the U.S. Presidential Election which became one of the tightest races in recent history, and Joe Biden emerged as the President-elect amidst dramatic claims by the incumbent of fraud and threatening lawsuits.

Last month, there has been an alarming rise of COVID-19 cases across the U.S. and Europe, with curfews and lockdowns re-introduced in major cities like New York and Chicago, and Europe faced a nationwide lockdown in Germany and France.

Equities went through a rollercoaster month, with markets swinging from overreaction to COVID-stricken headlines to breaking record highs on the back of vaccine approvals. Throughout this vaccine-induced rally, we saw heavy sector rotation as investors ditched tech darlings and piled onto industrial, energy and financial stocks. 2020 has been a good reminder of the importance of diversification in asset classes and markets when building an investment portfolio, as we witnessed how market leadership alternated several times amid the pandemic.

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