From Ambrose Evans-Pritchard today:
Investors are repeating the mistake they made all through February and early March. They are again underestimating the immense economic shock of COVID-19.
Can there be any parallel in market history to the surreal clash of narratives we saw this week? Global bourses soared even as the International Monetary Fund painted a series of scenarios ranging from dire – the most violent slump since the Great Depression – to catastrophic, with all the potential chain-reactions spelt out in its Global Financial Stability Report.