Global stocks stumbled back into the red on Wednesday as fears over the coronavirus fallout eclipsed large-scale support measures rolled out by policymakers around the globe
LONDON - Wall Street resumed a steep slide on Wednesday while bond markets rushed to price in the sheer scale of government support programs and handouts announced over the past 24 hours, all aimed at softening the economic shock of coronavirus.
“Another remarkable day in what is clearly fin-de-regime,” Rabobank’s global strategist Michael Every wrote in a note. The declines follow sharp tumbles in Europe where equity indexes in London, Frankfurt and Paris plunged around 5% and Milan slipping around 2%. MSCI’s global stocks index dropped nearly 4% .
“In the pre-crisis era, banks would step in and buffer the shock. Now there are no banks, only mutual funds which are having a run on their funds — it’s all impatient money.” “It is hard to know how deep the recession will be, and as long as we have that situation it is hard to lift sentiment.”Wall Street had enjoyed a brief sugar-high on Tuesday after policymakers cobbled together packages to counter the impact of the virus.
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