4th August, 2020
Recovery continues to impress markets
Even though high frequency activity data and mobility monitors show major world economies still operating at somewhere between a half and two-thirds of pre-pandemic levels, the rebound is well ahead of consensus - even given very wide forecast ranges - and is helping world stocks return to February's peaks. The global aggregate of July readings from manufacturing surveys worldwide shows activity expanding again for the first time since January. Citi's economic surprise index for the G10 economies overall has hit its most positive ever level in 17 years of the dataset, rebounding from its most negative as recently as May.
Chart by Ritvik Carvalho and commentary by Mike Dolan.
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