Tokyo advanced more than 7% and Frankfurt opened 6% higher. London, Shanghai, Paris and Hong Kong also rose.Traders were encouraged by the Fed's promise to buy as many Treasurys and other assets as needed to keep financial markets functioning.
In early trading, the FTSE 100 in London rose 3.6% to 5,173.77 and Frankfurt's DAX rose 6% to 9,278.51. The CAC 40 in Paris added 4.4% to 4,088.00. Also Tuesday, a measure of Japanese factory activity fell to its lowest level since 2009 in another sign of the punch to manufacturers from the coronavirus. The preliminary version of this month's Jibun Manufacturing Purchasing Managers' Index fell to 44.8 from February's 47.8 on a 100-point scale on which numbers below 50 show activity contracting.
As Congress was locked in stalemate, the number of known infections worldwide jumped past 380,000. After just a few weeks, the United States has more than 46,000 cases and more than 600 deaths. Wall Street and some other stock markets have lost nearly one-third of their value over the past month as business shutdowns spread and airlines, retailers and other industries suffer rising losses.
What a broken system. Profits should not be priority in any of this...
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