We’ll start with a few words on the coronavirus outbreak. We’ll just say that the global equity markets’ resilience (or even complacency) can be explained by various factors: many investors are convinced that this is merely a one-off shock whose impact is still in the air, Trump’s position is strengthening (Iran, agreement with China, disastrous impeachment process and Iowa caucus), corporate earnings are robust, there is a liquidity glut and a well-anchored belief that monetary stimulus will be provided if necessary, and investors are determined to seize any market consolidation opportunity.