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Stocks plunge as Fed's emergency rate cut fails to calm panic
Source: Reuters
BUSINESS NEWS MARCH 15, 2020 / 5:54 PM / UPDATED AN HOUR AGO
Stocks plunge as Fed's emergency rate cut fails to calm panic
Wayne Cole
4 MIN READ
SYDNEY (Reuters) - Stock markets and the dollar fell heavily on Monday, after emergency rate cuts in the United States and New Zealand failed to allay fears about the coronavirus’ economic shock.
U.S. stock futures hit their downlimit before daybreak in Singapore. The dollar sank more than 2% against the yen.
Nikkei futures fell 6%. Australia’s benchmark stock index fell 7% in the first quarter-hour of trade. U.S. crude fell 5% to under $30 per barrel.
The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%. It said it would expand its balance sheet by at least $700 billion in coming weeks.
“(The) market is wondering what the Fed knows that the rest of us don’t,” said Phil Orlando, chief equity market strategist at Federated Hermes in New York.
-snip-
Stocks plunge as Fed's emergency rate cut fails to calm panic
Wayne Cole
4 MIN READ
SYDNEY (Reuters) - Stock markets and the dollar fell heavily on Monday, after emergency rate cuts in the United States and New Zealand failed to allay fears about the coronavirus’ economic shock.
U.S. stock futures hit their downlimit before daybreak in Singapore. The dollar sank more than 2% against the yen.
Nikkei futures fell 6%. Australia’s benchmark stock index fell 7% in the first quarter-hour of trade. U.S. crude fell 5% to under $30 per barrel.
The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%. It said it would expand its balance sheet by at least $700 billion in coming weeks.
“(The) market is wondering what the Fed knows that the rest of us don’t,” said Phil Orlando, chief equity market strategist at Federated Hermes in New York.
-snip-
Read more: https://www.reuters.com/article/us-global-markets/stocks-plunge-as-feds-emergency-rate-cut-fails-to-calm-panic-idUSKBN2121BM
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