Stock markets were higher on Tuesday but off their peaks as traders considered the real-world impact of a surprise US rate cut aimed at shielding the economy from the impact of the spreading coronavirus.Central bank pledges of action had already boosted shares that were hammered last week as major global stock markets lost around 12 percent in value.
In New York, the Dow Jones index was a touch higher almost an hour after the Fed’s announcement, building on a huge gain of more than five percent the previous day, its biggest one-day percentage gain since 2009. But analysts also noted that key indexes had pulled back from much stronger gains seen in their initial reaction.
On energy markets, the price of Brent crude was up in London exchanges, with dealers betting on major producers cutting output to address a predicted plunge in crude demand. The Bank of England will meanwhile “take all necessary steps” to support the UK economy from coronavirus fallout, said governor Mark Carney.
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