Month: March 2020

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New York Expects More Cases; OECD Cuts Outlook: Virus Update

March 2, 2020 admin Comments Off on New York Expects More Cases; OECD Cuts Outlook: Virus Update

(Bloomberg) — New York Governor Andrew Cuomo said he expects more cases after the state identified its first coronavirus patient, while Iran and South Korea reported another surge in infections. The OECD warned that global economic growth will sink to levels not seen in more than a decade and stocks resumed declines.The European Union set up a special team to deal with the outbreak as cases rose from Italy to Spain. Earlier, central banks pledged to respond to the rout in markets. Goldman Sachs predicted the Federal Reserve will cut rates by half a point and money markets are anticipating …read more […]

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Central Banks Pledge to Ensure Stability as OECD Sounds Alarm

March 2, 2020 admin Comments Off on Central Banks Pledge to Ensure Stability as OECD Sounds Alarm

(Bloomberg) — Global central banks promised to act as needed to stabilize markets rattled by the coronavirus as the OECD warned the world economy faces its “greatest danger” since the financial crisis more than a decade ago.In an emergency statement, Governor Haruhiko Kuroda said the Bank of Japan will “strive to provide ample liquidity and ensure stability in financial markets.” The Bank of England followed by saying it’s working with U.K. and international authorities to “ensure all necessary steps are taken to protect financial and monetary stability.”Already on Friday, Federal Reserve Chairman Jerome Powell opened the door to cutting interest …read more […]

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India Sensex Counters Asia Rebound After New Virus Cases Found

March 2, 2020 admin Comments Off on India Sensex Counters Asia Rebound After New Virus Cases Found

(Bloomberg) — A rebound in Indian equities, from their worst week in a decade as of Friday, proved to be short lived.Stocks reversed gains in the last hour of the session, with the benchmark index briefly nearing the correction zone, after the health ministry reported two new coronavirus cases on Monday. The S&P BSE Sensex closed at 38,144.02, down 0.4%, after rising as much as 2.1% earlier in the day. It’s the longest stretch of losses for the gauge in more than nine months, data compiled by Bloomberg show. The NSE Nifty 50 Index fell 0.6% while the India NSE …read more […]