When a factory in Canada is ready to resume production, but there are still shutdowns in other parts of the world, there is a risk that customers may not yet be ready to take delivery, or that the factory may not be able to source parts in other regions.
Asset prices contain term premiums, credit risk premiums, and liquidity premiums that vary over time and are themselves related to market expectations and uncertainty. Consequently, it can be difficult to determine whether movements in asset prices reflect a change in expectations, in uncertainty, or in some combination of premiums.