SYDNEY - Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8%, with New Zealand’s market shedding a record 10% as the government closed all non-essential businesses. Airlines canceled more flights as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers.
Analysts are dreading data on weekly U.S. jobless claims due on Thursday amid forecasts they could balloon by 750,000, and maybe by more than a million. “Even were social distancing to subside at the earliest plausible dates in Europe and the U.S., it will have done extraordinary damage to confidence in a host of key sectors,” Ruskin said.
In New Zealand, the central bank announced its first outright purchase of government paper aiming to inject much-needed liquidity into the local market.
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