SYDNEY - Asian markets were set for another turbulent week on Monday as more countries all but shut down in the fight against the coronavirus, threatening to overwhelm policymakers’ frantic efforts to cushion what is clear to be a deep global recession.
Oil was not far behind as mass bans on travel worldwide crushed demand for fuel. Brent crude futures slid a further $1.90 to $25.01 a barrel in chaotic trade, while U.S. crude shed $1.58 to $21.05. [O/R] U.S. President Donald Trump went on TV to approve disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30% unless more was done fiscally.
Also needed would be evidence that China can re-emerge from the virus, without reigniting infections and, that other major economies have hit the inflection points for infection rates, he added.
Source: Financial Digest (financialdigest.net)
Good! Maybe Asia can also learn to live without China.
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