Global Equities
Global stocks advanced as the rollout of coronavirus vaccines and additional government stimulus measures boosted investor sentiment across the board. All major sectors in the MSCI World Index generated positive returns, reflecting a brighter outlook for the global economy. Gains were tempered by rising COVID-19 outbreaks, prompting new lockdowns in some countries.
Energy and financial stocks led the rally as investors moved into sectors that had suffered the biggest losses earlier in the year. Industrials and materials stocks also rose sharply amid expectations of a robust economic rebound in 2021. Consumer staples and health care stocks lagged the overall market as cyclical sectors took center stage.