Global recession a near certainty, UN chief warns, as local and US stocks recover earlier losses

The Australian sharemarket increased by nearly 4 per cent in early trade after global central banks unveiled more stimulus to try and prevent a coronavirus-driven recession.The Dow Jones Industrial Average reversed a more than 700 point loss and closed up 188 points to 20,087

The Australian dollar has dropped from its overnight high to 57 US cents after falling to its lowest level in nearly 18 years earlierThe Australian dollar has dropped from its overnight high to 57 US cents, following a volatile session where it had jumped as high as 59.62 US cents. At 10:20 AEDT, the ASX 200 index was up 2.9 per cent or 126 points to 4,909, with banks leading the gains.In futures trade, US stocks fell 2 per cent in Asia.

Telstra said it was recruiting another 1,000 temporary contractors to cope with high volume of calls to its call centres.US stocks have also recouped some losses after further stimulus plans were unveiled.The rise on Wall Street came despite a warning from the United Nations Secretary-General Antonio Guterres that a global recession is a near certainty and current national responses to the coronavirus pandemic"will not address the global scale and complexity of the crisis".

"This is a moment that demands coordinated, decisive and innovative policy action from the world's leading economies," he said."A global recession — perhaps of record dimensions — is a near certainty."

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Blind Gender Neutral can see this, COVID-19 has literally shut down the world, but the ABC will take it just so long as they get blame it all on Trump & ScoMo, sad 😢. Leftism is a sickness that thrives on the misery of others, 😢.

Could someone please ask why our PM ignored the leader of the Oppositions request to resume parliament earlier ? Urgency in getting payments to people in all levels of society is crucial . Why are we waiting till Monday ? Cut the political point scoring .

Definitely. But I believe the bounce out of the recession can be unusually strong and quick (China biz is flowing again domestically at least already), unless there is another coronavirus type thing waiting in the wings. But global leadership/coordination is vital.

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'We've never seen this level of market volatility, not even during the GFC' | Sky News AustraliaChief Market Strategist Evan Lucas says “nobody has seen this level of volatility in markets pretty much ever, not even during the Global Financial Crisis”. \n\nThe Dow Jones closed down about six per cent, and the ASX 200 slid 340.2 points, wiping more than $100 billion from the boards and closing below 5000 points. \n\nThe tumble comes one day after the Australian market recorded its best day since 1997. \n\nMr Lucas told Sky News “the ferocity in it is astounding”. \n\n“It’s not just the down days we’re talking about, it’s the up days as well, the up days are just as strong and wild as the down,” he said. \n\n“Markets, just like the rest of the world, are finding it very very hard to understand and predict what the future is going to look like. \n\n“It’s a very interesting, slash tough time.” \n\nImage: Getty
Source: SkyNewsAust - 🏆 7. / 78 Read more »