People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP
People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP
David Brown
Opinion

Opinion

Macroscope by David Brown

Coronavirus recovery: stock markets are bullish for a reason, but are they being misled?

  • Investors can only rely on the available data for their decisions amid uncertainty about the pandemic’s track. With both the sentiment surveys and hard economic indicators showing a positive trend, equity markets cannot be blamed for being optimistic

People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP
People pass by the New York Stock Exchange on Wall Street in New York City on August 3. Wall Street flexed its muscles on August 28, with the Dow erasing its losses for the year and the S&P and Nasdaq again hitting records as investors shrugged off the ongoing coronavirus crisis. Photo: AFP
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David Brown

David Brown

David Brown is the chief executive of New View Economics. Over a career spanning four decades in London, David held roles as chief economist in a number of international investment banks.