1. Capital market outflow With the decline of overseas stock markets and the surge of VIX fluctuations, foreign capital began to flow out of China stock market. Judging from the large-scale net inflow in the early stage of the epidemic, the evacuation of foreign capital was due to the fire in the backyard, and the attraction of China's assets came from the global competitive advantage and responsible opening attitude established by China Manufacturing. Therefore, after the impact, international capital will naturally flow back to China's capital market.
2. The overseas supply chain is affected, and the limited overseas supply will lead to the shutdown of the whole industrial chain, which will limit the domestic resumption of work and production. However, its impact lags behind the epidemic, and it is not significant at present, but it is possible to start fermentation at the end of March and April. Generally speaking, the effects of industrial globalization in the fields of computer, electronic and optical products manufacturing, transportation equipment manufacturing, mechanical equipment manufacturing, chemical and chemical products manufacturing are obvious, which is also the reason why the global automobile industry chain and electronic industry chain "pull one hair and move the whole body".
3. The passive factors of global aggregate demand contraction will obviously reduce the number of foreign tourists and related consumption, which will have a negative impact on China's tourism, aviation, hotels, retail and other industries. The decline in commodity prices reflects the contraction of global aggregate demand in the face of the expected decline in overseas investment and consumption activities. Industries with relatively high exports are also relatively negatively affected by the decline in external demand.
The fuse mechanism of the US stock market According to the latest regulations of the US Securities and Exchange Commission (SEC), the fuse mechanism scheme is not only aimed at the fuse mechanism of the stock market, but also the mechanism of "the upper and lower limits of the maximum price fluctuation". If the trading price of securities rises or falls by more than 10% within 5 minutes, trading needs to be suspended. If the trading price of securities does not return to the specified "price fluctuation range" within a few seconds, trading will be suspended for 5 minutes. For the Standard & Poor's 500 Index and Russell 1000 Index, as well as 430 stocks with prices over $3, the "price fluctuation range" stipulated by the SEC is 5%, and the "price fluctuation range" of other illiquid stocks with trading prices below $3 is relaxed to 10%.