What had been labelled “the most unloved bull market in history” came to an end in March. Equity markets sold off as lockdowns to halt the spread of novel coronavirus were implemented — ending a more than decade-long rise in stock markets following the 2008 financial crisis. Now, however, that unloved market has a rival for the title as equity prices recover in a rally driven as much by extraordinary monetary policy and the absence of decent alternatives to stocks as by optimism over the strength of the recovery.
被稱為“史上最不被看好的牛市”在3月結束了。隨著為遏制新冠病毒傳播的封鎖措施相繼出臺，股市紛紛大跌——終結了2008年金融危機過后長達10多年的上漲。然而，隨著股價在一輪反彈中回升，“最不被看好的牛市”不如被用來形容當下的行情；此輪反彈的驅動因素既有市場對經濟復蘇力度的樂觀情緒，也有非常規貨幣政策以及股票作為一類資產沒有像樣的替代品。
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