Pedestrians reflected in a window stand in front of a quotation board displaying the numbers on the Tokyo Stock Exchange March 26, 2020. — AFP pic
Japan’s Nikkei eased 0.5 per cent, though that followed a 3 per cent jump the previous session. Likewise, E-Mini futures for the S&P 500 dipped 0.6 per cent, following a 3 per cent rise in New York hours. Even as some US states considered relaxing restrictions, the country’s death toll rose by at least 2,228, a single-day record, according to a Reuters tally.
Bruce Kasman, chief economist at JPMorgan, warned such a slowdown would take a heavy toll on corporate earnings. Shares of JPMorgan Chase and Wells Fargo & Co both fell on Tuesday as the banks set aside billions of dollars to cover potential loan losses from the pandemic.Bond markets are still wagering on tough times ahead, along with unlimited support from central banks and a disinflationary pulse from lower energy prices.
Currencies leveraged to global growth, including the Australian and New Zealand dollars, have led the way higher though the dollar has also lost ground to its major peers.
Source: News Formal (newsformal.com)
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