How Black Swans Are Shaping Planet Panic

Is the planet under the spell of a pair of black swans a Wall Street meltdown, caused by an alleged oil war between Russia and the House of Saud, plus the uncontrolled spread of Covid-19 leading to an all-out cross-asset pandemonium as billed by Nomura?

Or, as German analyst Peter Spengler suggests, whatever the averted climax in the Strait of Hormuz has not brought about so far might now come through market forces?

Lets start with what really happened after five hours of relatively polite...