Markets are walking on eggshells as the outbreak of the coronavirus Covid-19 wreaks economic havoc. Consensus figures for China’s economic growth have now been revised down from 6.1% in 2019 to 4.5% in 2020, but the effect of the virus extends far beyond that country.

Widespread travel shutdowns have severely affected air travel volumes, while hospitality chains, luxury-goods makers and retailers have come under pressure as consumers stay away from the shops and travellers put off holiday plans...

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