Markets stuck close to all-time highs despite a resurgence in risk-off sentiment. This was prompted by: First, sanitary concerns after confirmation that China's coronavirus could be spread between humans. The situation might seem to echo the period in 2003 when the SARS crisis dragged down risk asset prices but we think the situation is under more control today. Beijing has been quicker and more drastic in rolling out measures. However, traffic restrictions and cancelled Chinese New Year festivities are bound to hit sectors like tourism, transport and luxury goods.
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