Emerging Market (EM) asset performance was mixed in the opening month of 2020 amid increased geopolitical and coronavirus-related risks. The early part of the month saw raised geopolitical tensions following the US killing of Iran’s General Soleimani. Iran retaliated by firing missiles at Iraqi air bases housing US troops, but the situation did not escalate any further. The latter part of the month was dominated by investor concerns around the potential impact of the Chinese coronavirus outbreak on manufacturing, transportation, tourism and retail sales, as a result of an outbreak of coronavirus in China. The rapid spread of the virus turned investor risk sentiment slightly negative and stoked a rally in safe-haven assets.