Panic spreads faster than a pandemic. That might not make it irrational. Signs that the coronavirus is going global sent share prices plummeting this week. But equity valuations are stretched — the Stoxx Europe 600 reached a record high last week. Further falls are on the cards if, as seems likely, the outbreak worsens.
恐慌比流行病傳播得更快。但它或許不會因此顯得不理性。新型冠狀病毒正在全球蔓延的跡象，導致本周股市暴跌。但股市的估值水平是有點偏高的——斯托克歐洲600指數(Stoxx Europe 600)上周創下歷史新高。疫情很有可能惡化，若果真如此，股市還會繼續下跌。
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