In part, the stockmarket’s plunge reflects past complacency
Covid-19 sparks one of the fastest slides since the second world war
THE SPEED of the sell-off in global stockmarkets is remarkable. On February 19th the S&P 500, America’s main index, reached a record high. Little more than a week later, it has lost one-eighth of its value. The change in mood is astonishing. Last year was the best for global equities since 2009, with the MSCI world index rising 24%. A week of turmoil finished only when traders headed home for the weekend on February 28th. Japan’s Topix index had fallen by 9.7%, the Euro Stoxx 50 by 12.4% and the S&P 500 by 11.5%, its biggest weekly loss since 2008.
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