The world is broadly reopening as people start losing their tempers with shelter-in-place orders even with non-stop increases in new cases of COVID-19. Economic activities are back to a ‘new normal’ and the market pays heavy attention to the early post-lockdown statistics. Interestingly, more and more preliminary economic data have beaten economists’ forecasts which reflected deeply pessimistic views on the outlook. While manufacturing is slightly below the positive territory, service providers are more optimistic about residents’ potential consumption caused by forced savings and generous stimulus.
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