In the last couple of weeks, oil prices have collapsed and European HY spreads have widened to imply default rates of ~7.5% a year. Equity markets, despite a dramatic fall, still at much higher levels than 2009 while fear and greed indicators are at December 2018 levels. However, central banks and governments should step in with #stimulus if needed, so hopefully over the next few weeks we see the bottom of this sell-off.