A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP
A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Markets expecting an early coronavirus recovery are ignoring the global economic and political mess

  • The knowledge that a V-shaped recovery is off the table has not dissuaded markets from surging in expectation of further injections of central bank liquidity
  • Political leaders are selling snake oil to secure power and central bank governors are pandering to their whims

A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP
A man passes the New York Stock Exchange on May 26. Stock markets are curiously surging despite corporate earnings being dragged down by the Covid-19 pandemic, suggesting they expect central banks to continue injecting liquidity well into the future. Photo: AFP
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