Financial markets and the global economy are still in the stranglehold of a real global shock that doesn’t stop at borders and can't be tamed by words or negotiations: Covid-19.
The outbreak of the new coronavirus comes at a time when the global economy was about to gain traction again on the back of the Phase One Deal between the US and China, a turning inventory cycle and a bottoming out of global manufacturing. Instead, the virus, along with its impact on economies and markets, is posing an unknown and unprecedented risk. Economic forecasts are surrounded by even more uncertainty than normal, including our own.
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