The cruise catches a cold

Editorial 2020 started briskly with interest rates gradually rising, but the coronavirus came and ruined this cruise to normalisation. The still relatively worrying news flow continues to mark the interest rate market, which seems to be less resilient to the virus than the equity market, which is quicker to rebound. This outbreak almost overshadowed Donald Trump's double victory: acquittal in the Senate and a happy bystander to the Democratic caucus fiasco. In the coming days we should probably follow the Twitter account not of Trump, but of the WHO to see how the classification of the corovanirus epidemic evolves and thereby anticipate the markets’ direction.