The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg
The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg
Andy Xie
Opinion

Opinion

Andy Xie

Covid-19 market bubbles, a creation of the distorted global economy, cannot last

  • A global pandemic and the devastation it has wrought on the real economy hasn’t stopped stock and property markets reaching new heights
  • Despite the Fed’s best efforts, such asset bubbles cannot be sustained. Could political instability in the US be the shock that deflates the bubbles?

The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg
The New York Stock Exchange is reflected in a puddle on January 4. 2020 was a historic year marking a rapid plunge into bear market territory and a swift recovery into the bull zone. Photo: Bloomberg
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Andy Xie

Andy Xie

Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. He joined Morgan Stanley in 1997 and was managing director and head of the firm’s Asia-Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank. He was voted one of the 50 most influential persons in finance by Bloomberg magazine in 2013.