Merrill sætter spørgsmålstegn ved den seneste tids konventionelle visdom – at det bliver de traditioinelle erhvervssektorer, der får fremgang, og ikke high-tech selskaberne, når vi får en økonomisk genrejsning. Men kndsgerningen er, at de digitale erhverv i servicesektoren fra sundhed til onlinehandel har fået et så godt fodfæste under coronakrisen, og de kan få langsigtede fordele. Selskaber i disse sektorer findes primært i Kina, Nordasien og USA, mens Europa er på u-landsniveau.
The Vaccine and The Markets
Technology sectors could well experience periodic underperformance on positive news around vaccine development as we saw at the start of last week. But it could yet require more durable progress toward a lasting inhibition of the virus before these rotations prove more sustainable.
Even then, the legacy of the pandemic in terms of greater reliance on new services such as telehealth and biosecurity should provide an ongoing tailwind for these areas of structural growth.
And further expansion of the digital economy that was already well underway in areas like internet retail, online media and cloud computing should also give a longer-term advantage to markets such as the U.S. and north Asia, which have the most exposure to these segments.
