Expectations for a global economic and earnings recovery remain relentlessly positive, despite an increasingly tightening policy bias in China and the risk of higher US taxes. We favour equities over bonds. US equities remain most likely to outperform other regions amid supportive policy, in our view. Asia ex-Japan faces headwinds from China’s tightening liquidity and a surge in COVID-19 cases in India and other markets. Asia and Emerging Market USD bonds continue to offer value and Developed Market High Yield bonds may still have room to outperform. A further inflation rise is likely to push bond yields, net-of-inflation, lower – a positive for gold and negative for the USD.Speakers:Steve Brice, Chief Investment Officer, Standard Chartered BankMarco Iachini, Cross-Asset Strategist, Standard Chartered Bank

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