Rally In Risk Assets Ex-US: US stocks and bonds took a back seat to offshore rallies this week, providing some much-needed lift to the idea that holding a globally diversified portfolio is more than an outdated academic concept. But let’s not get ahead of ourselves. It’s too soon to declare the end has arrived for the long running dominance of American risk assets on the global stage, but suddenly it’s easier to wonder if this week’s results are a preview of things to come.

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PMI survey data for October indicate that the Eurozone economy’s recovery is slipping into a new phase of contraction, due to a rebound in coronavirus infections and related blowback on business and consumer activity. The US economy appears more durable so far, although America is reporting a new rise in Covid-19 infections, which suggests that economic headwinds may rise in the third quarter. (Please see the update at the end of this post with encouraging data for October that was published after this article was written.)

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Trump and Biden clash at kinder, gentler presidential debate: WSJ
Biden calls for economic ‘transition’ from oil to renewable energy: AP
Coronavirus forcing a sweeping changes for US workforce: Politico
US approves antiviral drug remdesivir to treat Covid-19 patients: BBC
US 10-year Treasury yield rises to 4-month high: CNBC
Eurozone Composite PMI in Oct shows rising double-dip recession risk: IHSM
UK economic growth ‘slowed considerably’ in Oct via PMI survey data: IHSM
Japan’s economic downturn persists in Oct, PMI survey data shows: IHSM
Coronavirus, election uncertainty are main influences on firms’ outlook: AF
Avoiding virus lockdown may not be be cure for sidestepping economic pain: NYT
US jobless claims fell to pandemic low of 787,000 last week: CNBC