What event is most directly associated with the global stock-market crash that began in February 2020?

The COVID-19 pandemic is the event most directly associated with the global stock-market crash that began in February 2020.

As the novel coronavirus spread internationally, investors feared lockdowns, disrupted supply chains, falling travel, weaker consumer demand, and a worldwide recession. Major equity indexes fell rapidly, while volatility reached levels not seen for many years.

The market shock was intensified by an oil-price dispute between Saudi Arabia and Russia in early March. Governments and central banks then announced large fiscal, monetary, and public-health responses, helping markets recover from their initial lows.

The pandemic was the central catalyst, but the crash was not caused by one factor alone. Financial markets were also reacting to uncertainty about policy, business closures, employment, and the duration of the health emergency.