A trader has his head in his hand on the floor of the New York Stock Exchange.
On Friday, New York Governor Andrew Cuomo ordered non-essential businesses to close and banned all gatherings, a dramatic escalation of mitigation steps after the nation’s most populous state California on Thursday directed its 40 million residents to stay at home. “The damage is not likely to pass in a month or two,” FHN Financial said in a note. “Increasingly, it appears there will be a sharp drop in global activity, followed by a period of significant weakness lasting at least two quarters, followed by a partial recovery.
On Friday, the ECB took its latest measure, freeing up banks to allow them to issue as much as €1.8 trillion in fresh loans.
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