"What a crazy day, people just don't know what to do," said Matt Maley, equity strategist at Miller and Tabak and Co."There's confusion. People don't have a good idea about the future fundamentals. Right now because of the coronavirus we have no idea."
Data showed US retail sales fell in February, indicating the main driver of the economy, consumer spending, had begun to slow even before outbreak containment measures began. Companies began to scramble for cash, with Kraft Heinz, Caesars and MGM drawing down credit lines. Europe watched an early rebound get wiped out as the region's battered airline and travel stocks suffered another 7 per cent drubbing. Data showed German investor morale at lows last seen in the 2008 financial crisis, and rating agency S&P Global warned the inevitable global recession this year would lead to a spike in defaults.
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