文章基本信息

标题：Rotation towards normality – the impact of COVID-19 vaccine-related news on global financial markets
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作者：Johannes Gräb ; Moritz Kellers ; Helena Le Mezo 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：The outbreak of the coronavirus (COVID-19) pandemic led to a synchronised sell-off of global risky assets, followed by an uneven recovery across sectors and countries. The stock market recovery was characterised by investors rebalancing away from countries and sectors hit by the pandemic, including airlines, tourism and energy, towards those perceived to benefit from the crisis, most notably IT and communications services, as well as pharmaceutical firms. Across countries, the pre-pandemic sector composition of the stock market explains the bulk of the differences in equity market performances in 2020 (Chart A, upper panel).