Stocks dive as Fed & co fail to calm panicky markets

LONDON/SYDNEY: Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed U.S. interest rates in an emergency move and its major peers offered cheap U.S. dollars in a bid to prevent global lending markets seizing up.

The Fed's emergency 100 basis point rate cut on Sunday was followed on Monday by further policy easing from the Bank of Japan in the form of a pledge to ramp up purchases of exchange-traded funds and other risky assets.New Zealand's central bank also shocked by cutting rates 75 basis points to 0.25per cent, while the Reserve Bank of Australia pumped more money into its financial system. South Korea cut rates and Russia rushed together a US$4 billion anti-crisis fund.

In Asia, Shanghai blue chips fell 3per cent overnight even as China's central bank surprised with a fresh round of liquidity injections into the financial system. Hong Kong's Hang Seng index tumbled 3.4per cent. Sheets emphasized investors wanted to see a lot more U.S. fiscal stimulus and evidence the Trump administration was responding vigorously and effectively to the public health challenges posed by the crisis.

U.S. President Donald Trump, who has been haranguing the Fed to ease policy, called the move"terrific" and"very good news".

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Hong Kong: Stocks start Monday on back foot[HONG KONG] Hong Kong stocks opened with more losses on Monday as a dramatic stimulus drive and interest rate cut by the Federal Reserve fanned concerns over the economic impact of the coronavirus. Read more at The Business Times.
Källa: BusinessTimes - 🏆 15. / 51 Läs mer »

Singapore stocks: STI resumes Monday afternoon trading, down 3.7% on daySINGAPORE equities fell deeper into the red when trading resumed on Monday afternoon after the US Federal Reserve's second off-cycle emergency rate cut. Read more at The Business Times.
Källa: BusinessTimes - 🏆 15. / 51 Läs mer »

Asian stocks continue slide after Fed emergency cut fails to lift mood; STI down 2.5%ASIAN shares resumed their drop after the US Federal Reserve made another off-cycle emergency rate cut, with the sell-off on Monday suggesting policy measures, at least temporarily, are not enough to calm markets spooked by the escalating fallout from Covid-19. Read more at The Business Times.
Källa: BusinessTimes - 🏆 15. / 51 Läs mer »

Stocks dive as rescue bids by Fed, peers fail to calm panicky marketsStock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers ...
Källa: ChannelNewsAsia - 🏆 6. / 66 Läs mer »