SINGAPORE (June 5): During the first month of lockdowns around the world back in January, Azure Capital’s CEO Terence Wong noted that global stock markets tumbled by over 30%. This, according to him, was “just about right” in light of the “unprecedented” Covid-19 pandemic that was unfolding.

But what Wong does not understand is why six months later, global indices have bounced back from their lows, with the Dow Jones, Nasdaq and S&P 500 all jumping over 30%.

“We are into one of the worst recessions ever and some people are saying it could be even worse than The Great Depression. Yet, the stock markets are just bouncing up,” says Wong.

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