Global share markets dipped into the red on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage done during the coronavirus panemdic even as some countries try to re-open for business.
China moved again to cushion its economy, cutting a key medium-term interest rate to record lows, paving the way for a similar reduction in benchmark loan rates, while reducing the amount banks must hold as reserves.
Global Share Markets
- MSCI’s All-Country World Index, which tracks shares across 49 countries, was 0.37per cent down.
- European stock markets opened lower, with the pan-European STOXX 600 index opening 0.8per cent lower after five previous days of gains.
- French shares fell 0.9per cent as France became the fourth country to report more than 15,000 deaths due to the coronavirus after Italy, Spain and the United States.
- In the United States, E-Mini futures for the S&P 500 fell 0.5per cent, following a 3per cent rise in New York.
- In currencies, the dollar index extended gains, rising 0.57per cent to 99.400.
- Gold prices fell on Wednesday as investors locked in profits after strong recent gains. It was last at US$1,711 an ounce.
- In energy markets, oil prices fell amid persistent worries about oversupply.
- Brent futures were down 51 cents, or 1.7per cent, giving up earlier gains. U.S. West Texas Intermediate crude slid 4 cents, or 0.2per cent, to US$20.07.