Vaccine a shot in the arm for cyclical stocks: The global outlook for the next 12 months

The Covid-19 vaccines allow us to look beyond the pandemic and focus on the strengthening economy. Aggressive fiscal and monetary stimulus around the world have helped engineer an economic recovery, encouraging investors to move cash into stocks. Some $133bn has flown into the equity market in recent weeks - a record in nominal terms, according to EPFR, a Boston-based data monitor that tracks flows to mutual funds and exchange traded funds widely used by retail investors.  While the pace of central bank money printing is likely to slow, a V-shaped economic rebound, led by China, shoul...