US equity markets swung back into fear mode, the S&P500 currently down 5.5% to a fresh one-year low. Commodities also fell, while currencies saw only modest moves and government bond markets were unfazed. Markets appeared concerned at: the lack of US Government response to date, the WHO officially declaring COVID-19 a pandemic, and the number of new cases ex-China rose sharply. The BoE cut its policy rate by 50bp outside its regular meetings.