Global stock hitting by Covid-19 impact enter a bear market

Global shares were set for a rocky ride on Thursday as investors tally the economic damage of coronavirus, a day after the U.S. Dow Jones industrials entered bear market territory and world health officials declared the virus a pandemic.

Iran Press/America: “Markets are crying out for a coordinated response to COVID-19 headwinds and a lack of concrete U.S. policy action is rattling markets,” Tapas Strickland, director of economics at National Australia Bank in Sydney said in a report.

According to Reuters, MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS dropped 0.27% in early trade while Nikkei futures NIYcm1 suggest a 0.5% fall in Japanese shares .N225. Australia's benchmark was down by 2.8%.

U.S. S&P500 futures ESc1 recouped a small part of big losses the previous day, gaining 0.4% in early Thursday trade.

On Wednesday, the S&P 500.SPX lost 4.89% while the Dow Jones Industrial Average. DJI fell 5.86% to extend its fall from a record peak hit a month ago to more than 20%.

European shares closed at a 14-month low even after Britain announced a $39 billion war chest to soften the impact of the coronavirus.

The FTSE 100.FTSE closed down 1.6%, extending a slump into a fifth day, as investors doubted whether the stimulus and the rate cut would be enough to counter the shock from the coronavirus outbreak.


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