Uncertainty is the worst for financial markets. And we currently have extreme levels of uncertainty. Economically, it seems likely that we'll see a global recession in the first half of the year. Simply because many companies can't produce as much with travel restrictions in place. If governments step in to help this could recover quite quickly for the second half or latest next year. But no one knows how hard it will hit companies and how quick recovery will be. And until we get first indications, markets will continue to panic.

On the other hand, for long-term investors it doesn't seem like a terrible time to get into the market.