The global stock market rout looks set to extend to a third straight session on the ASX, after a night of steep losses in Europe and on Wall Street, fuelled by coronavirus fears.AUD: 65.99 US cents, 50.75 British pence, 60.63 Euro cents, 72.67 Japanese yen, $NZ1.044Europe: FTSE 100 -1.9pc at 7,017, DAX -1.9pc at 12,790, CAC -1.9pc at 5,679, Euro Stoxx 50 -1.8pc at 3,301In the US, the Dow Jones index initially opened higher.
Markets are now pricing in a 50-50 chance that the Federal Reserve will cut interest rates as early as April, with 50 basis points in cuts priced in this year. "While the fall [in bond yields] probably partly reflects safe-haven flows, we think that it is mainly due to investors revising down their expectations for interest rates in the US substantially," Capital Economics market economist Hubert de Barochez said.
...meanwhile Bitcoin is up 40% since January and Ethereum up 100%. ‘Digital gold’ (as a store of value) appears to be the go-to in tumultuous times?