Markets responded violently on Thursday to Donald Trump’s ban on European’s travelling to the US, announced the previous night in a White House address intended to calm anxiety over the pandemic.

“This was the most expensive speech in history,” said Luca Paolini, chief strategist at Pictet Asset Management. “Investors are voting with their feet, and I can’t blame them.”…

The week’s intense rout suggested investors were bracing themselves for a worst-case scenario, including a global recession, the lockdown of large urban centres and a severe credit crunch, said Masanari Takada, strategist at Nomura. “The market has been jolted to the point of breaking,” he added.