Firstly, and most importantly, the wellbeing of all is foremost in our minds and we sincerely hope for a quick resolution to the awful crisis that is engulfing the world, and a reversion to normality without too much more hardship or suffering.

Stock markets are always the first and most obvious financial indicator when things go awry.   When uncertainty leads to pessimism, (and ultimately fear), market pricing dislocates, as it has in the last month.  This dislocation is amplified by the very mechanics of markets, where computer systems, short selling and algorithms drive volatility indiscriminately.  This period of significant volatility should be relatively short lived, but significant uncertainties remain, such that we expect further bouts of sharp price movements in the coming months.

Stock markets displayed their unpredictability in 2019, striding surprisingly and steadily higher after shaking off the volatility of the prior year. Low interest rates and generally benevolent economic and profit conditions provided the catalyst.