A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP
A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Three reasons the coronavirus outbreak may hit financial markets harder than Sars did in 2003

  • China today accounts for a much greater share of the global economy and is more reliant on domestic consumption, which has been affected by the trade war and Beijing’s deleveraging campaign
  • Meanwhile, valuations in both stock and bond markets are already stretched

A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP
A pedestrian walks in front of an electric quotation board displaying share prices of world bourses in Tokyo on January 27, when global stocks suffered their worst day in almost four months. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.