Wall Street was set to post more losses at the opening bell, coming on top of last week's drop, which was the worst since the global financial markets over a decade ago. The mood across Europe turned sour after greater optimism in Asia, where some markets posted strong gains.Britain's FTSE 100 was down 0.2% to 6,555 while the CAC 40 in Paris declined 1.2% to 5,244. Germany's DAX did worse than its counterparts, falling 1.3% to 11,735.
On Friday, Fed chairman Jay Powell said the central bank stood ready to help the economy if needed. Investors increasingly expect the Fed to cut rates at its next policy meeting in mid-March, possibly even before. His hint of looser policy weighed on the dollar. On Monday, the euro was up 0.8% to $1.1113 while the dollar fell 0.3% to 107.70 yen.
"For all the talk of lower rates the one thing a rate cut can't do is get people back to work and supply chains back running again," said Michael Hewson, chief market analyst at CMC Markets. The virus outbreak that began in central China has rattled markets as authorities shut down industrial centres, emptying shops and severely crimping travel all over the world. Companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales. Governments are taking increasingly drastic measures as they scramble to contain the virus.
The scale of the selling is staggering. The Dow, for example, fell 3,583 points, or 12.4% last week. Meanwhile, the S&P 500 notched up a weekly loss of 11.5%, its biggest since an 18.2% drop in the week ending October 10, 2008 at the height of the global financial crisis.
The stock market has a life of its own, it is based on fear and greed. Such is the fragile nature of the economic system. Yeshua prophesied this.
I’m not even looking at my investments..........until this blows past us and is in recovery mode!
fuuuuuuuuuuuuuuuuuuuck.
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