Stocks climbed in the United States on Monday after central banks around the world pledged to take action to stabilize the economies from the impact of the surge.
^ GSPC) and the Dow Jones Industrial Average (^ DJI) are up about 0.8%. Actions on the Nasdaq (^ IXIC) increased by more than 0.9%. “data-reactid =” 24 “> The S&P 500 (^ GSPC) and the Dow Jones Industrial Average (^ DJI) both rose about 0.8%. Nasdaq (^ IXIC) stocks went up more 0.9%.
Stocks were lower in Europe while the spread of the coronavirus was the greatest threat to the global economy since the financial crisis of 2008.
^ STOXX) erased previous gains and fell by about 0.2%. “data-reactid =” 26 “> The pan-European STOXX 600 index (^ STOXX) erased previous gains and fell by around 0.2%.
^ FTSE) was up about 0.4% in London, as the Bank of England said it would take “all necessary steps” to curb the economic fallout from the coronavirus. “data-reactid =” 27 “> The FTSE 100 (^ FTSE) was up about 0.4% in London, as the Bank of England said it would take” all necessary steps “to curb economic spinoffs coronavirus.
“The Bank continues to monitor developments and assess its potential impacts on the global and British economies and financial systems,” a spokesman for the Bank of England said on Monday.
On Friday, the US Federal Reserve also announced a strong political response to the fallout from the coronavirus with an emergency declaration.
^ GDAXI) & nbsp; fell by about 0.6% after the virus spread to 10 of the country’s 16 federal states. CAC 40 French (^ FCHI) decreased by 0.2%. “data-reactid =” 30 “> The German DAX (^ GDAXI) fell by around 0.6%, after the virus had spread to 10 of the country’s 16 federal states. The French CAC 40 (^ FCHI) fell 0.2%.
reduced its economic growth forecasts in 2020, saying it now expects the world economy to grow only 2.4% in 2020. “data-reactid =” 31 “> The Organization for Economic Co-operation and Development (OECD) has reduced Economic growth forecasts for 2020 on Monday said it now expects the global economy to grow by just 2.4% in 2020.
This would represent the slowest annual growth since 2012 and compares to a forecast of 2.9% made in November.
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The mixed trading session in Europe followed large gains for equities in Asia.
The Bank of Japan has issued an emergency statement, stating that it will provide “sufficient” liquidity to the country’s financial markets through short-term loans and asset purchases, raising hopes that other central banks would follow suit.
^ SSEC) increased by 3.15%, while Hang Seng (^ HSI) was up 0.62% in Hong Kong at the close of the market. “data-reactid =” 36 “> The Chinese SSE composite index (^ SSEC) rose 3.15%, while the Hang Seng (^ HSI) rose 0.62% in Hong Kong at market close .
^ N225) increased by more than 0.9%. The KOSPI composite index (^ KOSPI) in South Korea, where there have been more than 4,300 cases of coronavirus, closed nearly 0.8% in the green. “data-reactid =” 37 “> The Japanese Nikkei (^ N225) increased by more than 0.9%. The KOSPI composite index (^ KOSPI) in South Korea, where there were more than 4,300 cases of coronavirus, closed almost 0.8% in the green.
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“The Bank of Japan will closely monitor future developments and strive to provide sufficient liquidity and ensure the stability of the financial markets through appropriate market operations and the purchase of assets,” said Haruhiko Kuroda. , the Governor of the Bank of Japan.
The measures come after the Italian government committed on Sunday to inject 3.6 billion euros (3 billion pounds sterling, 4 billion dollars) in the economy of the country, in particular by offering tax credits to businesses that experience a 25% drop in revenue, by introducing tax cuts, and by spending more money on the health system.
Last week, the country became the epicenter of the coronavirus in Europe, and there are now nearly 1,700 cases of the virus in the country, and 34 related deaths.
