An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP
An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

As stock markets ring out 2020, here’s the most underappreciated risk to their stability in 2021

  • If investors’ confidence in central banks is shaken before mass vaccination programmes are in full swing and the recovery gains momentum, sentiment could deteriorate quite sharply

An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP
An employee rings the closing bell during a ceremony on Wednesday marking the last trading day of 2020 at the Tokyo Stock Exchange. Photo: JPX via AP
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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.