Morgan Stanley's 2020 worry: A rush to reopen economies Morgan Stanley's 2021 worry: Calls for austerity
Though no meme has immediately emerged — unlike the now-infamous Jim Cramer television shot simultaneously showing a huge jump in stocks and a historic spike in jobless claims — Tuesday’s session carried another contradictory message.
“Markets lead the economy,” they say. “If a deep plunge in activity will mean the second quarter of 2020 marks the lows for activity, we think it’s very reasonable that the low for equity/credit prices happens before that. While anything could happen, that’s been true more often than not.” With total confirmed COVID-19 cases on the precipice of the 2 million mark, data continues to point to slowing growth. New-virus cases worldwide grew 3.1%, including 4.4% growth in the U.S., according to data compiled by Deutsche Bank. The worldwide growth rate was 6.1% and the U.S. growth rate was 7.6% five days ago.
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