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Credit view: the impact of the coronavirus on industry sectors

The novel coronavirus spreading from China has shaken markets and clouded the outlook for global growth. Andrew Jackson, Head of Fixed Income at the international business of Federated Hermes, believes while the epidemic will likely have ramifications for different industries, credit markets are broadly insulated from the near-term effects, demonstrating the resilience of the asset class and making it a sensible allocation for active investors looking to benefit from dislocations as and when they occur.

At the start of this year, the global macroeconomic outlook seemed to have improved. Growth appeared to have bottomed out, as monetary easing and the phase-one US-China trade deal brought relief to markets. But the outbreak of the coronavirus has clouded the outlook.

While the virus has spread beyond China, the world’s most populous country will