As the numbers of infected and dead soar exponentially this weekend, with the deadly coronavirus spreading to multiple nations and seemingly very much not "contained," early trading in markets suggest, as Bloomberg macro strategist Mark Cudmore details below, that this 'black swan' event is exposing the fragilities, and vulnerability, of financial markets that long ago de-tethered from any fundamental underpinning.

And Aussie fell to six-week lows.

Markets are driven by narratives, and the virus outbreak that has now spread in four continents is finding investors at a particularly vulnerable time, with valuations in many risk assets arguably stretched and volatility near record lows...

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