The First Cut is Deepest... by Prashant Bhayani, Chief Economist, Asia

  As discussed recently, the high likelihood of short term unwinding was possible given the overcrowded US equity market, and last week we finally experienced a huge unwinding of growth stocks in a big US sell-off. The swiftness as a result of how far we had climbed.  The catalyst was the escalating concerns over COVID-19, particularly given the spread in Italy, South Korea and Iran, and this triggered the global market risk-off.