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The impact of the coronavirus outside China is now beginning to appear in some of the timely economic data releases. Last week, data from the Port of Los Angeles – the busiest container port in the US – showed that container traffic fell by 17% in March having already fallen by one-third in February. Indeed, volumes in March were more than 30% lower than in the same period last year. The extent to which the sudden stop in global trade disrupts supply chains is likely to be a key factor in determining the ability of some US corporates to bounce back following the crisis.
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