An analyst cautions that while a gradual return to economic activity would bring optimism, the long-term view is still grim. coronavirus
STOCK EXCHANGE. The Fearless Girl statue stands in front of the New York Stock Exchange near Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP
NEW YORK, USA – Equities rallied on Tuesday, May 5, as investors cheered a further easing of lockdowns in some countries, which offset gloomy near-term conditions in the wake ofOil also rose on the brighter economic outlook and possibility of rising demand, posting another gain after anWith signs that the spread of the coronavirus is easing, governments in Europe and parts of Asia-Pacific as well as some US states"Markets have reacted to the fact that it seems that there is a little light...
But Fawad Razaqzada, market analyst with ThinkMarkets, cautioned that while a gradual return to economic activity would bring optimism, the long-term view was still grim. "Incoming macro data continue to reveal that the damage from COVID-19 is worse than expected, reducing the likelihood we will see a V-shaped economic recovery when the lockdown measures are mostly lifted," Razaqzada said.for April, due out Friday, May 8, is expected to show unemployment spiking to 16.2% from 4.4%, according to the consensus forecast, but some economists expect it to rise even higher. Job losses are projected to be 21.3 million – a stunning figure in such a short time.
Still, markets continue to take an optimistic view with Frankfurt closing up 2.5% and London ending not far behind. Wall Street stocks also advanced, with the Dow gaining 0.6% and Nasdaq 1.1%.
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