All change at UBS… Sergio Ermotti steps down as CEO to be replaced by ING boss Ralph Hamers in November. In the U.S., the S&P 500 and Nasdaq hit record highs and Chinese stocks follow suit to the upside. The Coronavirus crisis prompts the PBOC to cut its benchmark lending rate to help mitigate the economic impact of the outbreak. The White House’s acting chief of staff, Mick Mulvaney, voices concerns that the U.K.’s decision to allow Huawei to launch its 5G network may have ‘direct and dramatic’ consequences on intel-sharing between London and Washington. Staying in the U.S., Michael Bloomberg is attacked from all sides in the Democratic primary debate in Las Vegas for his record while mayor of New York. And it’s a bumper day of European earnings, with numbers from Schneider Electric, Swiss Re, Air France-KLM and more.

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