There is an uneasy sense that the virus could trigger a bigger rupture in the world's financial markets
, the hub of global capital, is this far into an economic expansion and a bull market, investors feel two conflicting impulses. They hope that the good times will last, so they are reluctant to pull their money out. They also worry that the party may suddenly end. This is the late-cycle mindset. It reacts to occasional growth scares—about trade wars or corporate debt or some other upset. But it tends not to take them seriously for long.
Investors have, sensibly, tried to calculate which assets are most exposed to the shock. Copper, an economic bellwether, plunged. The worst-hit stocks were of firms that rely on far-flung supply chains, such as carmakers; or are directly affected by restrictions on travel, such as airlines; or are most exposed to a China-led global slowdown, such as oil firms. Investors scrambled for safe assets. Gold reached a seven-year high. The dollar rallied.
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