SYDNEY/NEW YORK: Asian share markets took a breather on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.
Even as some U.S. 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.
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