Is economic pessimism nearing a nadir?

The rapid deterioration in leading indicators this year has cast a pall over equity markets and kept their performance relative to bonds in check. However, with financial conditions easing globally, are markets now underestimating the potential for the economic data to improve?

Consensus forecasts look for the world’s largest economies to continue losing momentum next year and for only a modest pickup in growth in 2021, while still not pointing to recession.

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