Real-time data showed businesses and households were reengaging in the economy, said the Allianz chief economic advisor. 'The big hope is we sustain it.'
told CNBC on Tuesday that there was "good news across the board" on the coronavirus battle as U.S. stock surged.the chief economic advisor at Allianz said he is encouraged by developments on a potential Covid-19 vaccine and the lack of a dramatic spike in new cases as states moved to reopen parts of their economies.
Real-time data showed businesses and households were reengaging in the economy, said El-Erian. "The big hope is we sustain it, and now the market place has embraced it." Speaking before Tuesday's opening bell, El-Erian said he likes that the premarket action showed investors were adding risk in a widespread manner.
"It's not just stocks. It's other risk assets. It's fixed income. It's currencies, and it's commodities," he explained. "So it's really good to see across the board risk-on tone, which we haven't had really for quite a while." In the first trading session in a holiday-shortened week, Dow futures were indicating an opening pop of more than 600 points on Tuesday, which indeed happened.
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