Robin Wigglesworth+ Your Authors @RobinWigg Global finance correspondent for the Financial Times. Semi-professional Norwegian despite the Harry Potter-esque name. Sapere aude. Views mine bla bla. Mar. 17, 2020 1 min read + Your Authors

The era of sudden shocks. Chart from GS.

By Goldman Sachs's measure, stock market liquidity is at its poorest since the financial crisis, helping explain why movements are so gappy and violent.

Bid-ask spread on US stocks has exploded, and the depth of the US futures market is at its weakest-ever level.

High-liquidity stocks have held up much better than the market as a whole, GS notes. But i suspect that this is more of a size factor. Biggest stocks are more liquid, and at times of economic stress bigger companies are naturally safer bets than smaller ones.

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