Market Update - September 2020

Good afternoon, After a sharp rise in August, the U.S. stock market showed increased volatility in September as the likelihood of a fiscal stimulus package announced before the presidential election decreased significantly. A deal in October is still possible, but without new stimulus, markets are likely to remain choppy between now and the U.S. election on November 3rd. We’ve had a lot of question in the past few weeks with regards to our thoughts on the upcoming U.S. election – therefore I have chosen to focus much of this month’s letter on this topic. According to surveys, at this stage the most probable scenario is a Democratic sweep (chart below). This outcome could cause some turbule

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