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US small-cap stocks close in on their larger counterparts; Value sees a strong reversal—except in Japan; The greenback continues to weaken.
Global ex-US markets reach new YTD highs on vaccine news and start of Biden transition; Japan reaches 30-year high on vaccine news and Size factor returns shoot up; European investors react positively to vaccine news and start their rotation trade.
Country-level volatility soars globally; Momentum posts some of its largest drops in over two decades; Style factor volatilities jump.
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