– Global equities had a choppy start of the year. The risk-on trade continued in the first weeks of January, the trend reversed at the end of the month as new Covid-19 variants triggered new lockdowns but more importantly markets were shaken by one of the largest short squeeze in modern history. It is difficult to assess how long this de-risking process will take. While volatility is probably here to stay, we keep a positive stance for 2021 as fundamentals remain solid, supported by strong earnings momentum, recovering economic data, supportive fiscal policies and dovish Central Banks.