Fundamentals are improving rapidly in Asia in support of the ‘First-in, First-out’ investment thesis. US steps up its attacks on China by ending Hong Kong’s special status. Chile’s Senate prepares legislation to allow the central bank to buy government bonds. Ecuador launches the debt exchange. Turkey’s fiscal deficit increases following recent widening of the current account deficit. Ukraine’s central bank gets a chairman. Tensions flare up in Nagorno-Karabach and along the Nile. South African inflation crashes through the lower bound of the range for the central bank’s inflation target. In the global backdrop, the US government appears to adopt a de facto herd immunity approach to the coronavirus outbreak, which means that deaths could rise to a million people. Europe inches towards European Union level fiscal stimulus agreement. Britain’s ban on Huawei equipment calls into question UK’s future as a global ‘free trader’.