The guessing game about economic impacts of the coronavirus outbreak is well and truly upon us. If it turns out that coronavirus fears are exaggerated and/or short-lived and central bank language at least turns more dovish, the caution turned to panic injected into what had been a one-way credit market this year is likely to melt away and won’t force a stark change of direction. There were already signs on Tuesday morning that the stock rout was easing as market participants took advantage of the big pullback to seek out bargains and as news of a vaccine did the rounds.

Read the full report by Keith Mullin