What's on the list
An annual tradition from Blackrock's Byron Wien is to release of list of 10 surprise for the year, something he's done every year since 1986. Given what happened in 2020, his list last year looks quaint. His biggest 'surprise' was that the Fed would lower rates to 1%.
Of course, no one forecasts a global pandemic.
Other notable ones last year were:
- The price of WTI crude oil soars above $70
- The S&P 500 rises above 3500 at some point in the year but volatility rises
- FAANG stocks underperform amid greater oversight
- The "UK equity market rises and the pound rallies"
- US 10-year yield 'approaches' 2.5%
- India's market rises 20%
Here is are some highlights from the list this year:
- China A shares lead emerging markets higher as Biden restores constructive diplomacy
- The US returns to 'normal' by Memorial Day
- Depressed hospitality and airline stocks become strong performers
- We begin the longest positive economic cycle in history
- Gold rallies and cryptocurrencies gain more respect during the year as the Fed embraces MMT
- Energy stocks are among the best performers in 2021 with WTI hitting $65
- The market corrects almost 20% in the first half, but the S&P 500 trades at 4,500 later in the year
- Surge in economic growth causes the 10-year Treasury yield to rise to 2%
- The US dollar slump reverses on better US growth
- Tesla acquires a major global auto manufacturer
