Markets suffer record meltdown as global coronavirus alarm grows

Global markets suffered record falls on Thursday as alarm over the coronavirus intensified, and governments from Ireland to Fiji unveiled new measures to try to slow the spread of a disease that has infected more than 127,000 people worldwide, Trend reports citing Reuters.

Travelers in Europe rushed to board flights to the United States after U.S. President Donald Trump imposed sweeping restrictions on travel from the continent, a decision that angered leaders there.

In Europe, North America and Australia events from sports matches to weddings were canceled or suspended, schools were closed and public gatherings restricted or banned.

Major European bourses fell by double-digit percentages for their biggest daily losses on record, led by a 17% slide in Italian stocks .FTMIB. Stimulus efforts from the European Central Bank did little to calm nerves. [.EU]

On Wall Street stocks slumped around 10% .DJI .SPX in their worst day since the 1987 “Black Monday” crash. [.N]

The U.S. Federal Reserve offered a hefty $1.5 trillion in short-term loans to stimulate the economy and stabilize the financial system.

Australia’s central bank followed suit, pumping an usually large amount of cash into the system as panic selling across global markets threatened to drain liquidity and push up borrowing costs.

Source: TREND News Agency

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