HONG KONG: Asian markets sank Tuesday as investors struggled to pick themselves off the floor following the previous day’s global bloodbath, which saw...
Asian markets sank Tuesday as investors struggled to pick themselves off the floor following the previous day’s global bloodbath, which saw Wall Street suffer its worst day in more than three decades as coronavirus sweeps the planet.
“Drastic measures by the Federal Reserve and other central banks have failed to appease markets, with investors still running towards the exit door of risk assets as governments step up their radical measures to contain the Covid-19 outbreak,” said National Australia Bank’s Rodrigo Catril. Singapore was slightly lower and Wellington was flat after New Zealand became the latest country to announce monetary support.The losses came after Wall Street indices collapsed in their worst day since 1987, with the S&P 500 and Nasdaq dropping about 12 percent and the Dow sinking nearly 13%.
Heads of the Group of Seven leading economies pledged to “do whatever it takes” to protect the economy, while Donald Trump acknowledged the world’s largest economy “may be” headed into recession. Adding to the weakness in crude markets is the price war between major producers Saudi Arabia and Russia.
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