Squeezing the "Covid Variant" Headline

Early reported data suggest that the variant causes ‘mild/moderate’ symptoms (less severity) and is more transmissible. Bullish for risk assets. Bearish for banks trying to get employees in cubicles.

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Heading into last week, we made it aware that our main focus was on corporate spreads widening, the US dollar rallying (hindering inflation and commodity strength), the VIX and the fact that cash was a viable position. All of which were foreshadowing into that heavy selloff on Friday.

In short:

Banks and conglomerate stoc…