Stock markets continue bloodbath
A view of digital market boards at the Australian Stock Exchange in Sydney yesterday. The ASX dropped more than 7% at the opening of trade as concerns over the coronavirus pandemic grow. – EPA pic, March 17, 2020.
STOCK markets and oil prices went into freefall yesterday as interest rate cuts and fresh stimulus measures by central banks failed to dampen fears amid the global coronavirus pandemic. The US Federal Reserve on Sunday slashed borrowing costs to zero – its second emergency cut in less than two weeks – and took action coordinated with central banks in several European countries to counteract global “dollar-funding pressures”.
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