China's announcement of more than 5,000 new coronavirus cases and 121 new d...
, recovering to 5.5% for the whole year - the worst showing since at least 1990. Yet markets refuse to be too discouraged. A pan-European index is in fact opening at record highs, buoyed by … answers on a postcard.
The thinking appears to be the virus impact will not last, it’s not spreading outside China as fast as feared and above all, central banks can step in — slower growth will bring more stimulus, or at least lower interest rates for longer. That makes shares more appealing. The virus causes a near-term demand shock, of course, but it’s a problem easily solved by central bank liquidity, is the message from research notes.
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