By Philip Lawlor, managing director, Global Markets Research
The coronavirus outbreak and subsequent market panic has turned investors into Donald Rumsfelds - attempting to price the "known unknowns".
A few weeks ago - even as news of coronavirus spread - equity investors were celebrating as stocks powered to new highs, driven by the performance of US tech stocks. Since then, every equity market has fallen, and fear-stricken investors have fled to haven assets.
Chart 1: Asset class returns since February 19, 2020
Source: FTSE Russell, Refinitiv. March 9, 2020. Past performance is no guarantee of