Global markets dive as central banks fail to calm panic

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Global markets dive as central banks fail to calm panic

Mar 19, 2020 14:01 IST

Even as most central banks are providing stimulus to help curb the adverse economic impact due to coronavirus pandemic, panic among global investors does not seem to reduce. Investors contemplate months of economic hardship with countries around the world in lockdown to prevent the spread of Covid-19, which has now infected more than 2 lakh people and killed almost 9,000. US markets have hit circuit breakers four times in the last two weeks. Dow Jones closed below 20,000 on Wednesday. The New York Stock Exchange will temporarily close floor trading and move to fully electronic trading from Monday after a trader and a NYSE employee tested positive for COVID-19. The pan-European Stoxx 600 closed down 4% despite multi-billion stimulus. Japan’s Nikkei 225 index gave up 0.7%, while in South Korea, the Kospi sank 6.5%. Hong Kong’s Hang Seng index slipped 4% and the Shanghai Composite index shed 1.9%. Australia’s S&P ASX/200 declined 2.3%. Indian markets have shed more than 30% from the beginning of 2020.

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