The recent market exuberance appeared to stall in September. This was led initially by US technology firms having a ‘valuation sense check’, perhaps to-be-expected given how stretched the valuations of those companies had become (and arguably, remain). Second waves of Covid-19 in Europe and some emerging market countries, and a lack of progress in controlling the virus in the US, contributed to a minor sell-off in more cyclical sectors later in the month. Political concerns are also on the near-term horizon with the US election only a month away and Brexit uncertainty weighing on UK assets.

 

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