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This is our third update on the Wuhan 2019 Novel Coronavirus, now named COVID-19. You can read our first two updates here (Feb 7) and here (Jan 31). Let’s first start with some high-level thoughts and then we’ll go into further developments related to COVID-19.
For starters, thanks to a massive liquidity injection by China (FXI), in many ways, the markets are reacting counter-intuitively to the outbreak of COVID-19. For one, we might have expected