This paper investigates the relationship between the spread of the COVID-19 pandemic, the state of the real economy , and the financial index performance across 20 countries. First, we analyse which countries behaved similarly in 2020 with respect to one of three multivariate time series: daily COVID-19 cases, community mobility data and national equity index price. Next, we study the trajectories of all three of these attributes in conjunction to determine which attributes exhibited greater similarity. Finally, we investigate whether financial or real economies responded quicker to surges in COVID-19 cases. Our results indicate that mobility data and  financial indices exhibited the most similarity in their trajectories, with financial markets responding quicker. This suggests that financial market participants  interpreted and responded to COVID-19 data more efficiently than governments. Thus, we suggest that efforts to study economic data as a leading indicator for financial market performance during the pandemic were misguided.
This paper investigates the relationship between the spread of the COVID-19 pandemic, the state of community activity , and the financial index performance across 20 countries. First, we analyze which countries behaved similarly in 2020 with respect to one of three multivariate time series: daily COVID-19 cases, Apple mobility data and national equity index price. Next, we study the trajectories of all three of these attributes in conjunction to determine which exhibited greater similarity. Finally, we investigate whether country financial indices or mobility data responded quicker to surges in COVID-19 cases. Our results indicate that mobility data and national financial indices exhibited the most similarity in their trajectories, with financial indices responding quicker. This suggests that financial market participants may have interpreted and responded to COVID-19 data more efficiently than governments. Further, results imply that efforts to study community mobility data as a leading indicator for financial market performance during the pandemic were misguided.
R
the real economy
community activity
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analyse
analyze
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community
Apple
D
attributes
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financial or real economies
country financial indices or mobility data
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national
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markets
indices
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may have
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Thus, we suggest
Further, results imply
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economic
community mobility