Markets Capitulate | Auckland Airport Highlights Travel Woes Global markets went into free-fall overnight with the US market down -9.5%, the worst one day performance since Wall Street’s “Black Monday” crash of 1987. President Trump’s announcement that the US government is restricting travel from Europe for the next 30 days sent global markets into a panic, with a $500bn 3-month repo operation from the US Federal Reserve failing to lift the market (a similar announcement to the quantitative easing it used during the Global Financial Crisis to stabilise debt markets). The European Central Bank left interest rates on deposit facilities unchanged at -0.5% and also announced expansionary measures including new asset purchases.  Corona-virus deaths in Italy have jumped through 1,000, while confirmed cases pushed through 15,000, with markets now realising the full economic impact potential.  With a broad-based market sell-off, stocks which are relatively immune to corona-virus are starting to look attractive -...