Global stock markets and U.S. futures have fallen in a rebuke from investors to emergency central bank action to shore up economic growth as anti-virus controls shut down business and travel
Global stock markets and U.S. futures fell Monday after central bank moves to shore up economic growth failed to dispel investors’ fears over antivirus controls that are shutting down global business and travel.
“Despite whipping out the big guns,” the Fed’s action is “falling short of being the decisive backstop for markets,” said Vishnu Varathan of Mizuho Bank in a report. “Markets might have perceived the Fed’s response as panic, feeding into its own fears.” That followed a dizzying week in which the Dow twice fell by more than 2,000 points and also recorded its biggest point gain ever — 1,985 points on Friday. The bull market that began in 2009 in the depths of the financial crisis came to an end.
The Bank of Japan’s decision to expand purchases of stocks, corporate bonds and other assets viewed as riskier than Japanese government bonds fell flat.The Bank of Japan also announced plans to provide up to 8 trillion yen in no-interest, one-year loans to companies that face cash crunches. New York City announced it will shut down the largest U.S. public school system as early as Tuesday, sending more than 1.1 million children home.to close or reduce their number of customers.
In currency markets, the dollar declined to 106.35 yen from Friday’s 107.91. The euro gained to $1.1196 from $1.1105.
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