Ann: Half Yearly Report and Accounts, page-36

I agree with you some sectors that you have mentioned have much more room to fall. However, the possibility of earlier than expected recovery in on the card because:

1. China is almost back to normal
2. India, Indonesia and other large Asian countries have reported only a very few cases. The Middle East countries have stabilized.
3. For the first time Italy has reported a lower death rate on daily basis ( 170 on 14 March compared 250 on 13 March) suggesting the worst might be over
4. Governments have started releasing significantly large funds to support affected businesses.
5. Almost every death is among the elderly and due to other complications than directly due to the corona virus.
6. The virus is in every major country except Russia so people will realize that isolating from other countries is not going to help much.

We will see how the markets think about these starting tomorrow.