A ‘Rare’ Local ‘Red Flag’ And A 30,000-Foot Reminder

"Risk gets spooked", Nomura's Charlie McElligott wrote Thursday morning, as equities came under pressure from news that China is catching up to the reality on the ground when it comes to reporting the real scope of coronavirus contagion. It's important to keep in mind on Thursday that even if you aren't inclined to take a glass-half-full approach to the new virus data (e.g., by noting that it may suggest the mortality rate is lower), the macro backdrop remains broadly similar to how it looked i