Global markets plunge as US coronavirus relief bill stalls and cities worldwide lock down - CNN

Dow (INDU) futures fell more than 900 points at one point, hitting a 5% decline that triggered a maximum allowable limit, or "limit down." That prevented futures from falling further. They were last down around 800 points, or 4%.

S&P 500 (SPX) and Nasdaq (COMP) futures also fell as much as 5%, and were last down 3.8% and 3.1%, respectively.

Stocks in Asia and Europe posted more dramatic declines. Markets in Australia and South Korea's dropped more than 5%. Hong Kong's Hang Seng Index (HSI) was down 4.9% while China's Shanghai Composite (SHCOMP) shed 3.1%.

London's FTSE 100 (UKX) fell 4.4% in early trading. Germany's DAX (DAX) and France's CAC 40 (CAC40) also declined by over 4%.

There are now more than 339,000 coronavirus cases worldwide — forcing further travel restrictions, shut downs and disruptions for businesses. New measures to combat the virus have been imposed in Australia, New Zealand and India, and the United Kingdom is considering whether further action is needed after pubs and restaurants were told to close on Friday but large numbers of people continued to gather in public spaces.

In Italy, where more people have died from coronavirus than anywhere else, the government ordered all "non essential factories" to close. That restriction applies to any company not involved in producing food or medical equipment. Pharmacies, food stores, financial services and public transportation will remain open.

In the United States, progress on a massive stimulus package was halted Sunday, sparking fresh uncertainty over whether and when lawmakers will reach a bipartisan deal to deliver economic relief.

Senate Democrats said they have "serious issues" with a package being pushed by Republican Senate Majority Leader Mitch McConnell. On Sunday, Democratic sources said they had uncovered numerous problems with provisions dealing with aid to workers and loan assistance to businesses. While negotiations continue in the Senate, Democratic Speaker Nancy Pelosi said that the House will introduce its own bill.

"The rapid spread has triggered unprecedented draconian containment measures," Stephen Innes, global chief markets strategist at AxiCorp, wrote in a research note. "All the while Congress, is dilly dallying on an aid plan."

The US dollar pulled higher against some Asian currencies. It jumped 2.7% against the Korean won and was up 0.4% against the Australian dollar. It also climbed more than 1% versus the New Zealand dollar.

US oil prices, meanwhile, resumed their decline after a 30% plunge last week. WTI crude futures were down 1.7% to trade at $22.24 a barrel. Futures of Brent crude, the global benchmark, fell 3.6% to $27.95.

Japan's Nikkei 225 (N225) was an outlier among major global stock markets, gaining 2% after the International Olympic Committee said Sunday it is considering postponing — but not canceling — this summer's Olympic Games in Tokyo.

International pressure to delay the event is growing. Canada said it won't be sending teams to the Olympics this summer, and asked for the games to be postponed by one year.

— Jill Disis contributed to this report.

Let's block ads! (Why?)

https://www.cnn.com/2020/03/22/investing/dow-futures-limit-down-sunday/index.html

2020-03-23 10:33:46Z
CAIiEJVUL0rfCUUTK99w386q480qGQgEKhAIACoHCAowocv1CjCSptoCMMSUnAY

Bagikan Berita Ini