Peaking of Covid-19 count in the West could be key milestone for market sentiment: While a number of factors and events, including the breakdown of the oil cartel, have led to the collapse of global equity markets in the past couple of weeks, we believe that the overarching theme, causing the risk-off sentiment, is the spread of Covid-19 in the developed world. While the daily infection count has peaked in China, it continues to rise in the rest of the world. In our view (based on past experience from SARS see our report), the daily new infections count could be a key driver of sentiment. Sell-off driven by passive fund redemption pressure: We choose the period starting...