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%.

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