There cannot be many positive aspects to the coronavirus outbreak, but I wonder if it carries one for stock markets.
We had been told repeatedly, before all this, that the markets badly needed a ‘correction’ after their uniquely long bull run.
If they were now sliding because of a banking or commercial event, confidence might collapse. If, however, they are falling because of a disease, will it also mean that confidence will recover more quickly once the disease is contained?
This is an extract from Charles Moore's Spectator Notes, available in this week's magazine.