By Wayne Cole
SYDNEY (Reuters) – Stocks crumble Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.
The Bank of Japan was holding an emergency meeting of its own to discuss new stimulus measures, though options are limited given rates are already negative.
Japanese Prime Minister Shinzo Abe said G7 leaders would hold a teleconference at 1400 GMT to discuss the crisis.
The drastic maneuvers were aimed at cushioning the economic impact as the breakneck spread of the coronavirus all but shut down more countries, though they had only limited success in calming panicky investors.
Data out of China also underscored just how much economic damage the disease had already done to the world’s second-largest economy, with official numbers showing the worst drops in activity on record. Industrial output plunged 13.5% and retail sales 20.5%.
“By any historical standard, the scale and scope of these actions were extraordinary,” said Nathan Sheets, chief economist at PGIM Fixed Income, who helps manage $1.3 trillion in assets. “This is dramatic action and truly does represent a bazooka.”
“Even so, markets were expecting extraordinary action, so it remains to be seen whether the announcement will meaningfully shift market sentiment.”
He emphasized investors wanted to see a lot more U.S. fiscal stimulus put to work and evidence the Trump administration was responding vigorously and effectively to the public health challenges posed by the crisis.
“The performance of the economy and the markets will be mainly determined by the severity and duration of the virus’ outbreak.”
How do I start my small business to be successful?
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Therefore, we will talk together in this article about some important matters related to the beginning of the project and how do I start my small project in order to become successful?