• Insights
  • January Global Macro Monthly & Investment Strategy - The Vs to shape recovery – Vaccine Vs Virus

January Global Macro Monthly & Investment Strategy - The Vs to shape recovery – Vaccine Vs Virus

  • 27 January 2021 (5 min read)

Key points

  • The balance of restrictions and virus spread has been disrupted by more contagious new virus variants.
  • 2021 started with increasing virus cases in several areas, and extensions to restrictions in depth or time. We have revised our Q1 GDP forecasts lower.
  • Yet vaccinations are underway. Although herd immunity will take many months, restrictions should be relaxing by the spring. This should deliver a strong growth rebound.
  • Fiscal supports have been extended – or are underway. Monetary support remains, although fiscal stimulus in the US has questioned the persistence of such support.
  • Fed Chair Powell has dismissed taper talk for now. We consider the balance of inflation and rate expectations a key difference between now and the 2013 taper tantrum
Full Slick Deck of our "January" Investment Strategy
Download Deck (2.2 MB)


    This website is published by AXA Investment Managers Asia (Singapore) Ltd (ARBN 115203622) (“AXA IM Asia”). AXA IM Asia is exempt from the requirement to hold an Australian Financial Services License and is regulated by the Monetary Authority of Singapore under Singaporean laws, which differ from Australian laws.  AXA IM Asia offers financial services in Australia only to residents who are “wholesale clients" within the meaning of Corporations Act 2001 (Cth).

    This publication is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.

    Due to its simplification, this publication is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this publication is provided based on our state of knowledge at the time of creation of this publication. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

    All investment involves risk , including the loss of capital. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested.