After Tuesday’s rally on better-than-expected retail sales figures and an encouraging study of a drug to treat coronavirus patients, the S&P 500 SPX, -0.36% has rallied 40% from its closing low and is down just 8% from its February peak. Clearly, disasters aren’t necessarily devastating to financial markets. That’s worth bearing in mind when considering a new report from Deutsche Bank that looked at the next massive tail risk for markets. Analysts, led by Henry Allen, say there is at least a one-in-three chance that at least one of four major tail risks will occur within the next decade: a major influenza ... (full story)