World stock markets nose-dive as support measures fail to quell virus fears
Main European bourses plunge nearly 8% in brutal opening tradeLONDON: Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in US interest rates in as many weeks – effectively to zero – and supportive measures from all corners failed to quell coronavirus fears. The volatility gauge for eurozone stocks, known as Europe’s “fear index”, surged to record highs as the main European stock markets plunged nearly 8% in brutal opening trade, with Wall Street bracing for similar moves later. “The central banks threw the kitchen sink at it yesterday evening yet here we are (with deep falls in stock markets),” said Societe Generale strategist Kit Juckes. Hong Kong’s Hang Seng index tumbled 4%. “Even so, markets were expecting extraordinary action, so it remains to be seen whether the announcement will meaningfully shift market sentiment.”Read full story
Source: The Express Tribune March 16, 2020 13:18 UTC
