The current market environment most closely resembles late January 2020, when the realisation that a new respiratory virus in China may be more than a localised flu derailed a stock market rally and triggered sudden shifts into safe-haven assets.

The current market environment most closely resembles late January 2020, when the realisation that a new respiratory virus in China may be more than a localised flu derailed a stock market rally and triggered sudden shifts into safe-haven assets.