HONG KONG: Asian equities sank Thursday following another sell-off in New York after the head of the Federal Reserve warned of “lasting damage” to the economy from shutdowns caused by the coronavirus, compounding worries about a second wave of infections.
He said the central bank, which has already promised huge sums to backstop financial markets, “will continue to use our tools to their fullest until the crisis has passed and the economic recovery is well underway”. All three main indexes on Wall Street ended sharply down for a second successive day, and Asia followed suit.
Wellington’s losses were shallower as the New Zealand government unveiled a US$30 billion budget to support the economy.“The likelihood of a V-shaped recovery has been a long shot for quite some time now, and the only surprise is that it’s taken markets so long time to cotton on to what has been quite a high probability in any case,” said CMC Markets analyst Michael Hewson.
China-US relations were strained further Wednesday after two US security agencies said hackers were trying to steal research and intellectual property related to treatments and vaccines.The allegation comes as the relationship between the two countries grows increasingly tense after a series of rows linked to Trump’s accusations over Beijing’s handling of the outbreak, and threats to hit China with fresh tariffs that have renewed trade war fears.
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