Market Comment | Fears over the impact of the virus on the production channels

Summary

The risk-off mood intensified, as fears about the impact of the virus on growth increased. Meanwhile, the U.S. economy showed signs of a slowdown in consumption.

Key points

• Key points:
• Equity markets tumbled in Asia and extended declines in Europe and in the U.S.
• Sovereign yields extended declines. The U.S. 10Y yield fell below 1.6% and the German yield edged down by 0.4%
• The U.S. economy maintained the pace of growth but shows signs of a slowdown in consumption
• The Fed sounded slightly more dovish than expected

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