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The market is right about a stimulus-augmented V-shaped recovery

Asia Analytica
Asia Analytica6/12/2020 06:30 AM GMT+08  • 9 min read
The market is right about a stimulus-augmented V-shaped recovery
Stocks have continued to rise despite dismal economic data and corporate earnings, political worries and street protests in the US, renewed US-China trade war tensions as well as pandemic uncertainties.
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(June 12): Stock markets around the world have rallied hard from the lows in March, at the height of the Covid-19 pandemic-driven selloff. Since then, the Dow Jones Industrial Average and Standard & Poor’s 500 index have surged 45.5% and 48.2% respectively, and are now hovering just 8.7% and 6% below their all-time-high levels. Last week, tech stocks led the Nasdaq Composite to consecutive record highs.

Key bellwether indices in regional markets, including Singapore, Malaysia, Hong Kong, Japan, South Korea and Taiwan, have also rebounded, by between 18% and 52%, from their year-lows.

Certainly, the strength and durability of this rally have taken many by surprise.

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