Stock markets around the world surged on Tuesday as hopes for a coronavirus vaccine and the easing of lockdown restrictions worldwide drive investors back toward risk assets.
Zombification refers to the phenomenon through which companies with insufficient capital to pay their debts are kept alive artificially through cheap borrowing costs. This can lead to a prolonged period of economic stagnation as seen in Japan.
However, he recommended that investors avoid becoming too pessimistic for as long as central banks remain in play, with the risk-free rate on bonds being driven so low that investors will have little choice but to return to risk assets even as the economic downturn unfolds.
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