Cristina Varela is the Head Economist of the Financial Scenarios Unit at BBVA Research.Cristina Varela has been working since 1993 in different BBVA areas related to the analysis of economic and financial variables to prepare strategy reports and market indicators and to establish recommendations on financial assets. Before that she worked as an economist in a financial consultancy firm (EUROTANDEM) and on foreign trade (ACE). She has published a number of articles in newspapers and economic journals. Cristina Varela holds a degree in Economy from the Complutense University of Madrid and completed her postgraduate training for a Master’s Degree in Financial Markets at San Pablo C.E.U. Madrid University. She is also holds a doctorate in international economy from the Complutense University of Madrid. She is currently writing a doctoral thesis on the export sector and public banking. She is a recurring attendee of courses and seminars in international and Spanish universities.
The rapid outbreak of the new coronavirus (COVID-19), which has spread far beyond China, has wreaked havoc on financial markets. World stock markets have fallen by around 30% in just over a month, led by the transport, tourism, hotel industry and energy sectors, which has been followed by others such as finance.
March 6, 2020
Market comment | Fed intervention failed to calm markets, as core bond yields fell further
Global policy response failed to reassure investors, unnerved by the alarmingly rapid outbreak of Covid-19 beyond China and its impact on global growth and financial stability. Volatility soared and the USD and EMs FX depreciated.
Financial markets remain volatile with the concerns about the virus spillover effect being the main market driver. Declines in the equity markets have resumed, as market risk measures (VIX) soar and U.S. yield reaches new lows.