It’d be dumb and meaningless to overlay the FTSE 100 onto a graph showing global coronavirus deaths. But if recent history has taught us anything it’s that a great many people think they can figure things out from a graph, so we’ve done it anyway. Today’s early rally seems to be fading a bit, having always been easier to attribute to net underweight equities positioning than curve-flattening V-shaped optimism. Stresses and dislocations have undoubtedly eased, however, as bond markets right themselves from that weird crush at the exit doors last month and Opec+ weighs up trying the cartel thing again. Here’s UBS:The three key risk metrics we track keep moving in the right direction as policymakers squeeze systemic risk from safe havens and risk assets begin to more directly price
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It’d be dumb and meaningless to overlay the FTSE 100 onto a graph showing global coronavirus...