What complicates the picture is that the figures mostly do not reflect record rises in U.S. infections and renewed lockdowns. Extraordinary labour and business support schemes, such as furloughs in Britain or additional cheques for U.S. unemployment, may mask the real state of affairs. Unless renewed, these schemes start to roll off from end-July onwards.
NEW YORK: Central bank firepower helped stock market bulls finish the first half of 2020 on a high. Now the rally hinges on follow-through in the third-quarter from economic data, company earnings and the coronavirus newsflow.
With central bank and government stimulus approaching US$20 trillion, world stocks' 35% collapse between Feb. 20 and March 23 - the swiftest and deepest sell-off since 2008 - has mostly reversed.
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