Shutter Mainland

Edito While i t is still too early to judge the extent and severity of the coronavirus, its spread continues and the short-term effects of the paralysis of Chinese activity seem increasingly certain. Our economists anticipate a very marked impact o n Q1 and an impact of around 0.2-0.3 pts on C hinese annual GDP, com ing on top of the structural slowdown already anticipated. I t is still a little early however to see the impact materialize in the numbers, neither on the macro side (in this week's Caixin PMIs), nor on the micro side (with a Q4 2019 earnings season in the US that continues favourably). The market will therefore be reduced to uncertainty and it seems difficult in the short term to see risk appetite return