Independent Strategy

Reasoning Coronavirus

The likely economic and financial market damage caused by the Coronavirus (2019-nCoV) is underestimated. We remain short Thai baht and Aussie dollar as proxies. But we are negative on all Asian EM assets and global equities. It is bad news for commodities. US Treasuries (which we are long) and the US dollar are safe havens. Yen assets are definitely not. We look to accumulate China tech stocks later.

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