The coronavirus broke out in China at the end of 2019. The repercussions for the global economy seem limited at first sight, but the virus spreads at a rapid pace.
In the meantime, China seems to have things under control and economic life there is picking up again.
It's a different story in the rest of the world, where the number of infections continues to rise.
Growth has come to a temporary standstill in Europe, with Italy and Germany, in particular, suffering most at present.
Companies are issuing profit warnings. Economic forecasts are being slightly adjusted.
Stock markets remain extremely jittery. The US central bank has decided to play it safe and has cut interest rates by 0.5%.