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UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
As OPEC weighs oil production cuts owing to the coronavirus outbreak this week, the impact of China’s weight in the global economy becomes more illuminated. It gives me no pleasure to called this a black swan event. One difference between this time and the SARS outbreak is China’s impact in the global economy, which has grown since the period of that late 2002 to 2003 event. Accordingly, U.S. and global stock markets have been hit as firms alter their operations. China’s oil demand is in shock territory undoubtedly. Bloomberg says China’s oil demand has dropped