Financial markets have rallied since April, with investors growing confident that economies will turn around quickly from the fallout from the pandemic.
Their optimism has grown stronger in recent weeks as various countries have started to ease lockdown restrictions and tentative signs of stabilisation have emerged. Daily activity trackers from the likes of Google and Apple show that the most developed countries are edging towards normality, halving the declines suffered during their March and April lows.
China is back to January levels, though the country’s unique policy circumstances (regarding lockdown and stimulus) mean it might not be a template for elsewhere.
