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Asian stocks continue slide after Fed emergency cut fails to lift mood; STI down 2.5%

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ASIAN shares resumed their drop after the US Federal Reserve made another off-cycle emergency rate cut, with the sell-off on Monday suggesting policy measures, at least temporarily, are not enough to calm markets spooked by the escalating fallout from Covid-19. Read more at The Business Times.

The Hong Kong Monetary Authority has since lowered its benchmark interest rate after the Fed decision, while the Bank of Japan is said to be announcing a policy decision later on Monday ahead of its Thursday meeting.

The STI, like other benchmarks globally, continues to trade in bear territory. At current levels, the STI is down 24.8 per cent from its 52-week high of 3,415.18, achieved on Apr 29, 2019. In South-east Asia, Indonesia's Jakarta Composite Index shed 189.07 points or 3.9 per cent to 4,718.50, and Malaysia's Kuala Lumpur Composite Index was trading 27.85 points or 2.1 per cent lower at 1,316.90.

FXTM global head of currency strategy and market research Jameel Ahmad said:"Not only has the Federal Reserve thrown all of its tools out of the toolbox to help combat the economic pressures that the coronavirus will bring to the world economy ... it can't be helped to hold concern following this move regarding what ammunition does the Fed truly have left?"

 

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Asia stocks slide, US futures plunge despite Fed's emergency rate cutSYDNEY (REUTERS) - Stock markets and the US dollar fell heavily on Monday (March 16), after emergency rate cuts in the United States and New Zealand failed to allay fears about the coronavirus' economic shock.. Read more at straitstimes.com.
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