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Sporting goods are one of the rare winners from the Covid-19 outbreak amid a decimated discretionary retail industry: we expect U.S. retail sales of sporting goods to hitan all-time high of USD48bn in 2020.
The transatlantic yield spread between the U.S. and the Eurozone narrowed by over 80bp until mid-September but has clearly re-widened lately. The prevailing view among market participants seems to be that this divergence reflects a divergence in economic momentum as the Eurozone is heading for a double dip.
Covid-19 will upend the old pecking order in the global economy – and in climate policy. China is not only leading the economic recovery post-Covid-19 but also seems to be shifting from laggard to leader in climate policy, with President Xi Jinping’s pledge for net-zero emissions by 2060.