European stocks look poised to make up ground on Wall Street in the second half of 2020 as Joe Biden consolidates his lead over Donald Trump ahead of the November U.S. presidential election and a surge of new COVID-19 cases threatens the U.S. economic recovery.
The pan-European STOXX 600 has outperformed world stocks by about 1.5per cent in the last month, while Wall Street's S&P 500 has underperformed by the same extent. Graphic: Wall Street lags on virus, election angst https://fingfx.thomsonreuters.com/gfx/mkt/nmovajjrdpa/Pastedper cent20imageper cent201593164697028.png"The strengthening of the euro reinforces the appeal of European equities, particularly for U.S. investors", said Emmanuel Cau, head of European equity strategy at Barclays.
"We are warming up to European assets as the region steps up its policy response and demonstrates relative success in tamping virus growth," BlackRock, the world's biggest asset manager, told its clients on Monday. Meanwhile, the U.S. newsflow was less favourable, with record COVID-19 infections and jobs data suggesting the labour market could take years to recover.
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