While governments increase efforts to slow the spread of the coronavirus, stimulus measures could be too late to prevent a global recession, with businesses suffering from both supply and demand shocks. The MSCI Emerging Markets Index of equities fell more than 1% on Monday in Asia, while a measure of currencies lost 0.1%, even after thecut its key interest rate by a full percentage point to near zero in another unscheduled move on Sunday.
The move follows the PBOC’s widely-expected announcement late Friday that it will trim the amount of cash some lenders must hold in reserve The Philippines will report remittances data on Monday. The funds are a key support for the currency, which is starting to lose its resilience to the global sell-offs, as stocks sink into bear-market territoryTurkey and South Africa will make interest-rate decisions on Thursday. Turkey’s central bank is expected to cut by 50 basis points to 10.
Nigeria, Africa’s biggest oil producer, publishes February inflation data on Monday, with economists expecting the yearly rate to have climbed to 12.3%, from 12.1% in JanuaryBrazil’s central bank may cut its key interest rate when it meets on Wednesday, although any additional easing was put into question by the market collapse.
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