Why investor optimism about the post-lockdown economic recovery is premature

Nothing lifts the spirits of coronavirus-rattled investors more than news that an experimental vaccine against Covid-19 has produced positive results in a human trial. On Monday, the benchmark S&P 500 stock index rose 3.2 per cent following an announcement by American biotech firm Moderna that results from its early stage of testing indicated that its vaccine candidate is able to create an immune response against the virus.While there were fewer than 50 participants in the trial, with data on…

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