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Yahoo BusinessJul 12, 2020
Bulls to Gain Ground in Market Primed for Virus-Defying Rally
(Bloomberg) -- If traders can shift their gaze from the rising rate of global Covid-19 infections, risk assets should rally as the new week gets underway.The stronger U.S. equity-market performance on Friday, underpinned by optimism that an effective treatment for the virus might be closer, will likely keep bulls in the driving seat during Monday's Asian trading hours, according to investors.Set against that are any number of potential pitfalls. Authorities in China, scheduled to report growth data on Thursday after the economy's 6.8% first-quarter contraction, warned last week about the dangers of a stock-market bubble following the Shanghai-Shenzen CSI 300 Index's near 35% rally since mid-March.Earnings season is about to start, with banks such as JPMorgan Chase & Co. and Wells Fargo & Co. among the first to report. And the virus itself shows no sign of abating, as confirmed cases topped 12.7 million on the weekend.Viral Relapse"The Covid-19 pandemic continues to dominate the outlook," Michael Grady, head of investment strategy and chief economist at Aviva Investors in London, said in a report. "Downside risks include further outbreaks, higher saving and changed behavior until a vaccine is found."Aviva is staying "modestly underweight global equities because of stretched valuations and elevated risks to the economic outlook" but overweight in credit "based on relatively more attractive valuation metrics, as well as being supported by central bank purchases," he said.Europe remains a bright spot
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