BEIJING/SINGAPORE/LONDON: Stock markets and oil prices went into freefall on Monday (March 16) as interest rate cuts and fresh stimulus measures by central banks failed to lift confidence, with analysts warning that the Federal Reserve may have reached the limits of its power to fend off recession as the coronavirus spreads.
A man wearing a facemask amid concerns over Covid-19 is seen walking past a stock market display board showing movements of the Hong Kong's Hang Seng Index at a shopping mall in Bangkok . The world markets were sent into meltdown by fears over the coronavirus outbreak that has threatened to plunge the global economy into recession. - AFP
The US central bank also unveiled a massive asset-buying programme, similar to measures put into place during the global financial crisis more than a decade ago.New Zealand's central bank also slashed rates to record lows in an attempt to cushion the economic blow, while the People's Bank of China has injected vast sums into financial markets to ease liquidity worries.
Airlines and tourism groups were the biggest fallers after slashing capacity, with TUI down by a third and British Airways-parent IAG crashing 23 percent. Equity markets continue to be whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000 with several countries going into lockdown as Europe becomes the new epicentre of the outbreak.
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