In HG Wells”https://www.investing.com/”War of the Worlds,” the common cold repelled a Martian invasion. Now, a novel coronavirus is disrupting everything and everywhere. Global equities continue to get hammered, though the apparent relative resilience of Japan may have spurred some buying of Japanese equities. Both the and posted gains, while equities in the regions tumbled after dropping more than 20% in the past two weeks. India’s main were off by more than 12% today. Europe’s Dow Jones gapped lower and is nursing a 4-5% loss on top of the roughly 35% markdown over the past five weeks. The has also lost around 35% over the same period, and it is trading off another 4% today.
Yields are falling too, but seemingly more orderly than times last week. and European yields are mostly 2-4 bp lower. and benchmark 10-year yields plummeted around 22 and 50 bp, respectively New Zealand launched its first bond-buying program (QE).
The is firmer, with the dollar-bloc…