Georgia on Everyone’s Mind - Earnings: NTR, GEI, GRT, NHF

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The turbulent events in 2020 will have a place in the history books. A Pandemic and third-world style elections in a first-world country are outside the bounds of normalcy. Depending on how run-offs in the US unfold in early 2021, this could have a considerable influence on markets. There are 3 business days remaining in 2020 and then one day in 2021 before the US crosses the next political threshold. For the pandemic, it is a matter of time until vaccination rates catch up, estimated at mid 2021.

A global pandemic and disquieting US political situation has not been enough to derail markets; low interest rates are the reason. There have also been shifts in outlooks between market sectors caused by the pandemic. Green is good, hydrocarbons are bad.

The first major event of 2021 is arriving soon. January 5, the first Tuesday of 2021, falling one day after the New Year's holiday weekend, is the date of the run-off elections in Georgia. The results will decide the balance of power in US politics for the next two years. The outcome will be consequential for markets. Commentary this week covers the two possible outcomes and the different impact these could have.

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