What cured the TSX Equity index after COVID-19? https://www.bankofcanada.ca/?p=220064 Earnings revisions Risk-premium effect Interest rate effect Cumulative returns Earnings revision ratio -23.68 -24.98 -39.86 -69.50 -44.74 -21.25 13.84 31.36 33.97 0.078531751-0.20.380.229204322 0.1279460470.60.331.074323002 0.3166582160.90.291.508156811 0.2847473340.6-0.170.679415612 0.4181251460.1-0.160.378638367 0.3920434820.0-0.330.084300139 -0.222842129-1.40.37-1.265596092 -0.265136220-0.20.24-0.262495352 0.899412976-3.40.23-2.301239308 1.010372790-2.90.23-1.701477729 1.036293702-2.40.58-0.743987975 0.981563893-1.00.350.354569075 0.975801118-1.50.700.161744205 1.165797577-1.70.14-0.395831722 1.606292159-1.90.32-0.00481929822.94 1.544710952-1.50.050.086028629 1.4343427841.2-1.261.379782476 1.786521356-1.50.070.313434727 1.8193853061.0-1.351.490079886 1.4185659542.0-1.262.134686769 1.1413485782.6-1.442.305516198 1.1341565582.6-1.442.305516198 1.3712205251.1-0.481.991187065 1.4185659540.6-0.351.654903224 1.3109302690.7-0.051.931814462 1.3640450200.4-0.171.553669410 1.523220211-0.4-0.580.546838503 -0.7242282012.2-0.930.541861136 -0.6407331222.3-1.340.277089414 -0.5178146713.4-2.340.579338919 -0.4812609552.9-1.730.731072466 -0.4271859651.2-1.42-0.655638029 -0.4403366500.2-0.75-1.020804200 0.181692699-3.3-0.64-3.769501254 0.481851704-2.3-1.44-3.231129373 0.635208215-2.3-2.19-3.807554067 46.40 3.953681608-5.5-1.53-3.064332915 3.871138146-2.7-2.74-1.532631160 3.932702440-4.0-1.08-1.159468944 4.160440459-2.4-1.030.694817300 4.231589519-1.8-1.790.600651982 3.9634703812.1-4.281.779162075 3.9886371103.6-4.982.622351202 4.1492752274.4-5.023.573375620 4.3848761531.6-3.602.422396620 4.0110022212.8-3.822.984431330 3.8305409464.5-4.084.260582292 3.8417418203.7-2.944.604871442 5.8830108091.6-3.204.260641499 5.8404777601.1-2.514.378926832 5.5367329461.5-2.045.023158421 5.2154929333.2-2.975.465445570 5.1823451355.0-3.646.511229480 5.4389536314.8-3.526.735704902 5.2555318684.6-2.896.956507826 5.2582925834.7-2.737.216782695 5.2720950153.3-2.506.023770405 5.6055342925.1-4.106.64243705329.52 6.0885607275.6-4.676.996093474 6.5501903594.9-4.197.225174807 6.8644613676.6-5.587.929379070 6.6523347196.5-4.838.279089938 6.8400081686.0-4.238.600770105 6.7965210435.9-4.528.151095693 6.7598140665.7-4.138.341576276 6.7584542904.9-3.528.088775098 6.7842868814.0-3.617.164114740 6.9296406804.8-3.887.846643953 6.9961341055.2-3.968.194139163 6.9513576816.0-4.288.679768317 6.9771404955.5-4.458.007312414 6.6359986315.0-3.867.814707820 6.6605017624.8-3.308.108945245 6.6659460875.6-3.938.342883581 6.6605017625.6-3.798.515014200 6.6605017625.6-3.798.515014200 6.6523347195.7-3.798.515014200 6.6550571404.9-3.508.057486227 6.6795556034.7-3.358.071051639 6.1884423833.9-2.667.428095346 6.1884423833.9-2.667.4280953468.57 6.4572233624.2-2.697.968182177 4.9934243887.5-3.648.847135688 5.0433805559.4-4.809.667176656 5.11484304211.5-5.8210.779759420 6.02275350111.2-6.3310.860159450 6.13614923011.0-6.9110.261934320 6.16229922511.4-7.0310.547789910 6.41183268810.0-6.1310.263495550 6.48232424911.2-7.3110.393605120 6.4581888989.7-6.0710.120039630 6.4697745939.9-6.0010.320017890 6.4156965269.9-5.9610.389595700 6.50162833710.8-6.5710.709453470 6.21651446011.7-7.7110.160067290 6.29681515710.5-7.049.766969174 6.3876803159.9-6.1710.103231060 6.4282529709.2-6.289.393638761 6.3374246876.6-5.557.376858591 6.3528906488.5-6.168.703897363 6.3277572478.5-7.936.874001783 6.59616453710.3-7.958.90333363311.58 6.73780147911.8-8.579.926989813 7.03295568812.9-9.7410.158448630 7.22285465713.8-10.2010.859605190 7.18931288615.4-11.2411.378874070 7.14329443917.0-11.6812.444858760 6.96957581017.3-11.3912.871437460 6.98302338417.3-11.1713.138130320 8.00548809616.1-11.3112.786495520 7.67695548317.7-12.2113.151294640 7.93415972117.4-12.1713.151294640 8.04160839620.1-14.8513.327248250 7.99788216019.1-14.4212.687441370 8.25710833019.1-15.2312.137790930 8.24193411121.6-17.1312.739074910 9.02325082321.7-17.8312.915537500 10.25782286020.0-17.8412.443931320 11.08723453022.0-19.7913.282950750 12.16641303023.2-23.5311.860950640 12.87793990018.2-20.1210.960928580 12.79097471019.6-20.0912.27756360019.87 12.85620569019.9-19.8512.941923060 12.90872195021.6-22.0912.392527210 12.97387619022.7-24.3811.322726550 13.12573788024.4-24.8112.721068770 13.62668947025.1-25.5713.138130320 13.54037328023.6-23.2913.901337280 13.59253156023.2-22.3614.388396290 13.72729762024.9-23.4015.212015020 13.60961197029.6-27.9915.247827940