My view on the markets: the narrative that people are getting spooked by coronavirus makes sense. The case count going up and lockdowns in Europe makes the recovery look pretty fragile.
Price action earlier in the month made me think this September to October period would come and go without major doubts about the trajectory of global growth. But, with lockdowns going up in Europe, it looks like I called all-clear too early.
This is definitely bullish for safe asset plays - and has been great for bitcoin, interestingly. Equities are going to be interesting though because, if we go back into another rolling lockdown crouch, it only reinforces the stay-at-home outperformance narrative.
For me, the election in the US is mostly a side show. I see what's happening in Europe - with Germany considering a soft lockdown - as driving near-term volatility until the election. And then we'll see what that looks like