It has been a tumultuous week on financial markets, with majors swinging around on newsflow of the Coronavirus. The latest move has come overnight, as something of a relief rally is forming. The WHO has declared a global health emergency, but interestingly did not recommend a travel ban on China. It also noted that it sees China’s response as being able to “reverse the tide”. It is far too early to say that this is a key turning point in the market response, but a relief rebound has been seen across markets. This has been added to with the Chinese PMIs overnight which have not deteriorated as perhaps they might have ... (full story)