NEWS ANALYSIS: Exuberant markets are at odds with reality

Despite the volatility of recent days, world markets are showing little sign that they are in the midst of a global pandemic — and investors on the JSE are going along for the ride.

Global lockdowns to curb the spread of Covid-19 have seized trade and industry and choked economies. And though stock markets appropriately plummeted in March and April, they have quickly recovered, and last week’s reversal has proved short-lived, thanks to familiar props.