NEW YORK: Stock markets and oil prices went into freefall on Monday as interest rate cuts and fresh stimulus measures by central banks failed to dampen fears amid the global coronavirus pandemic.
But traders were unimpressed, and with the virus showing no sign of letting up, the head of the World Health Organization chief Tedros Adhanom Ghebreyesus said it was impossible to tell when it would peak globally. Tokyo ended 2.5 per cent lower, after a rally sparked by the Bank of Japan's support measures announcement fizzled, while Europe's main markets were down around 10 per cent.
"We're navigating blind as no one truly knows how long this is going to last, let alone what the full consequences are going to be," Oanda analyst Craig Erlam told AFP.Equity markets have been whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000 with several countries going into lockdown as Europe becomes the new epicenter of the outbreak.
Brent North Sea oil plunged more than 12 per cent to a four-year low, as WTI fell below US$30 per-barrel. The G7 emergency leaders meeting was a sign of global cooperation but there was little in the way of specifics offered, unlike the actions taken during the 2008 global financial crisis.
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