Worries about the impact of the US presidential election on equities are overblown – the real market mover next year is whatever drives the economic recovery from the coronavirus pandemic, analysts at investment bank UBS said.

“We believe the continued economic recovery from the pandemic will be the dominant market driver in 2021, while policy clarity, a new round of stimulus, and a successful vaccine should propel the market in the near term,” a 15 October client note from Mark Haefele, chief investment officer global wealth management at UBS said.