A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP
A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Investors pricing in a perfect recovery from Covid-19 risk a rude awakening

  • While market optimism is justified, as 2021 can hardly be worse, expectations of a speedy return to normality can still be shaken by any wrinkle in the vaccine roll-out. Investors are leaving themselves little margin of safety

A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP
A woman takes pictures with her phone outside the New York Stock Exchange in New York City on November 30. The launch of mass vaccinations have become crucial to the outlook for the global economy and markets. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.