Asia Midday: Not So Quickly Everybody

Feb 13 04:02 2020 Print This Article

The legions of Optimism-20 virologists and epidemiologists were out in force overnight on Wall Street. After much academic debate based on their years of experience in the field, they came to the scientific conclusion that Covid-19 infections were peaking and then proceeded to buy everything. Equities hit new highs, and oil staged a mighty rally, as everyone tried to get on board the last FOMO train to V-Shaped Station Central in the Recovery District.

Asia, having enjoyed the spoils of that sentiment yesterday, would logically have hitched their wagons to the train this morning. However, China had other ideas and has poured a sizeable cold bucket of reality onto investors one-way trip to alpha nirvana. China announced a change in the “methodology” by which Covid-19 infections are reported. That has resulted in a 10-fold jump of 14,840 cases this morning and a tragic rise in the number of reported deaths.

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