The US central bank also unveiled a massive asset-buying program, similar to measures put into place during the global financial crisis more than a decade ago.New Zealand's central bank also slashed rates to record lows in an attempt to cushion the economic blow, while the People's Bank of China has injected vast sums into financial markets to ease liquidity worries.
With G7 leaders set to hold crisis videoconference talks later on Monday, International Monetary Fund chief Kristalina Georgieva called for global governments to work together to provide massive spending as in the 2008 financial crisis to help the economy withstand the damage from the coronavirus pandemic.In afternoon trading in Europe, Paris was down 10.7%, Milan 10.9%, Madrid 11.3%, Frankfurt 9.5%, and London 7.9%.down by nearly a third and British Airways-parent IAG crashing 28%.
Meanwhile, manufacturing activity in New York state fell to its lowest level since 2009, according to the New York Federal Reserve Bank's monthly industry survey.