Interest rate cut and stimulus measures fail to dampen fears caused by pandemic. FMTNews G7
NEW YORK: Stock markets and oil prices went into freefall Monday as interest rate cuts and fresh stimulus measures by central banks failed to dampen fears amid the global coronavirus pandemic.
G7 leaders meanwhile pledged to “do whatever it takes” to protect the economy, and US President Donald Trump acknowledged the world’s largest economy “maybe” headed into a recession. Tokyo ended 2.5% lower, after a rally sparked by the Bank of Japan’s support measures announcement fizzled, while Europe’s main markets were down around 10%.
“We’re navigating blind as no one truly knows how long this is going to last, let alone what the full consequences are going to be,” Oanda analyst Craig Erlam told AFP.Equity markets have been 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.
Stephen Innes, global chief markets strategist at AxiCorp, said the pressure was on G7 leaders to find a way to end the carnage.
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