When the days draw in, the darkness can affect your mood: the winter blues is a common phenomenon, according to psychologists. This winter, the distraction of festivities or getting together with family and friends will be restricted.
The coming winter months will not be easy for the economy, either. In addition to the health risks, the second coronavirus wave will also have a major economic impact. Already weakened by the global recession triggered by the first wave of coronavirus, the latest decline in demand presents a huge challenge for many companies.
But the financial markets are not currently being dragged down by the winter blues. The US equity market has hit new highs, risk premiums on corporate debt are falling and the Swiss franc – a safe-haven currency – has also depreciated recently. Where are the financial markets finding their resilience?