We are halfway through the second quarter. Interest is not so much on Q1 data, even though Japan will report GDP for the January-March period. April data may also get short shrift as May reports begin tricking in. Even the May data may be overwhelmed, but the growing sense that the investment climate is changing. Investors accept that the vaccine rollout plus fiscal and monetary support to varying degrees and pent-up demand will give the major economies a near-term lift. However, as the recent US employment data seemed to suggest, the recovery, even under the best of circumstances, is likely to be bumpy and uneven, ... (full story)