Why GDP data is irrelevant to markets

Technology has changed how we collect data and which data set is more reliable

This is my third piece in a series that explains why the stock market (which should ideally reflect the underlying economy) is so resilient in the face of a global pandemic. The first piece pointed out extraordinary corporate earnings as the main reason. The second piece last fortnight was more macro, explaining that at least a dozen large sectors — cement, chemicals, software, textiles, steel, building materials, etc. — are simultaneously doing extremely well, each for very independent reasons. This piece goes further in looking at the macro scenario to explain why we need to look at a different set