Asia stocks sink deeper as central banks hit crisis mode; STI closes 5.25% down

HONG KONG/SINGAPORE - A fresh wave of urgent policy coordination by global central banks has failed to restore stock investors' confidence in Asia.

Smaller bourses in Southeast Asia were again hammered, with gauges in Thailand and Philippines posting more than 5 per cent declines. While Australia's S&P/ASX200 Index had its worst day in history with an almost 10 per cent slump, shares in Japan failed to defy a short-lived rebound as the Bank of Japan's emergency measures disappointed investors.

Monday's plunge has again highlighted investors' fragile confidence over a series of urgent central bank actions. Waking up to US Federal Reserve's 100-basis-point cut, the Bank of Japan said it would buy more assets including exchange-traded funds and corporate bonds while holding interest rate steady. The Bank of Korea slashed its benchmark interest rate to a record low of 0.75 per cent in an emergency move.

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Asian stocks continue slide after Fed emergency cut fails to lift mood; STI down 2.5%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.
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Singapore stocks: STI resumes Monday afternoon trading, down 3.7% on daySINGAPORE equities fell deeper into the red when trading resumed on Monday afternoon after the US Federal Reserve's second off-cycle emergency rate cut. Read more at The Business Times.
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