The recovery in global markets, following the crash in March 2020, eclipsed the magnitude and speed of previous corrections. The pendulum oscillated from red to black since that crash, and some industries proved more resilient than others.

Globally, the MSCI world and MSCI emerging markets indices ended the year up 11.67% and 16.64% respectively. In the US, the S&P 500 continued to beat its own record highs, breaching 3,700 points by the end of 2020, taking it well ahead of its pre-crash levels of about 3,100 points — driven by technology stocks and speculation of further stimulus in the world’s largest economies...

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