Imagine that we have tens of millions of active cases (infected bodies), in every body there is massive number of replication occurring every minute.
Every day there might be a potentially very dangerous new mutation of the virus and we would be in whole new trouble. What we see with the new strain discoveries recently is not over yet, it is rather just a beginning.
We are still in very unsettled phase, and therefore it is very difficult to tell whether we are out of the woods. I am afraid we are not.
In general, I believe the impact on sentiment is same-directional:
bad pandemic situation -> bad sentiment.
Right now I don't see reason for overly optimistic sentiment in global economy.
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