A number of headlines adding to the.....>

MARKET TALK: A number of headlines adding to the global risk off tone over the

past half hour or so:

- Yonhap News has reported South Korea has 70 new cases brining the total to 833

with 13 soldiers having tested positive (up from 11). Given the mobility of the

armed forces, the spread in the military is particularly concerning.

- Bloomberg has reported that Italy may suspended mortgage payments and offer

tax relief in areas affected by the coronavirus.

- China has announced that its annual legislative meetings are postponed (as

expected) but no date has been announced (which is more interesting).

- The EU Crisis Management Commissioner Lenaric has said that the Schengen

border area can be suspended if needed but the WHO has not advised that this is

necessary at present.

- Bunds, gilts, gold all breaking to recent highs. BTP-Bund spreads now 13.5bp

wider on the day. The entire German curve is now negative yielding with 10y

yields approaching -0.50%.