SYDNEY: Asian stocks rallied on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
The numbers were certainly large, with analysts estimating the package could make US$4 trillion or more in loans to non-financial firms. Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs. A range of flash surveys on European and U.S. manufacturing for March are due later on Tuesday and are expected to show deep declines into recessionary territory.
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