World markets started the week with fresh losses as countries reported surging numbers of infections from the coronavirus that are forcing shutdowns of travel and business in many regions.
Shares fell in London, Paris and Tokyo but surged 7 per cent in Australia after the government promised more recession-fighting stimulus. “We want to keep the engine of our economy running through this crisis,” Prime Minister Scott Morrison told reporters in Canberra. His unprecedented $130 billion package includes wage subsidies of up to USD 1,500 per two weeks to businesses to keep workers on the job.
US futures yoyo’d throughout Asia’s day but turned lower. The future for the S&P 500 fell 0.6 per cent while that for the Dow industrials lost 0.8 per cent. Oil prices were lower.
Hopes that a USD 2 trillion US relief bill would ease the economic havoc brought by the pandemic did little to alleviate the gloom prevailing in many markets. On Monday, Germany’s DAX was flat at 9,634.00 while the CAC 40 in Paris lost 1.1 per cent to 4,304.63. Britain’s FTSE 100 declined 1.7 per cent to 5,415.26.
