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Global equity edged higher on Monday despite a drop in oil prices to their lowest levels since 2002, as central banks and the United States tried to contain the damage from the rapidly spreading coronavirus that has upended the global economy.
We started this week with a surprising decision by the US Federal Reserve where it announced unprecedented massive economic stimulus programs, along with small and medium-sized companies protection plans to ensure they do not collapse from the Coronavirus outbreak. The US Federal Reserve announced an unlimited asset and bond purchase program to try to reduce the virus impact on the US economy.
The virus pandemic continues to wreak havoc on the global economy and financial markets, with investors monitoring the spread of Covid-19 and hoping for more stimulus measures from central banks and governments worldwide.
With global stocks market collapsing and entire economies going into lockdown, many are wondering how much worse this crisis can get and how long it will last.
Markets have recently become accustomed to sudden decisions and meetings from some central banks amid a worldwide spread of Covid-19, reminiscent us of the decisions made by banks in the wake of the 2008/09 financial crisis.
The fourth week of heightened volatility will see financial markets continue to focus on the coronavirus spread across Europe and the US. Investors will continue to monitor the spread and impact of Covid-19 on the global economy amid hopes of a coordinated stimulus package from world policymakers.
World governments are suffering from a great dilemma, on one hand is the COVID-19 Spread. Global official bodies are taking extensive containment measures to limit the spread. It was confirmed that the number of infections has exceeded 135 thousand cases
The British pound at the start of the European session dipped against the US dollar below the levels of $1.29 after the Bank of England surprised the markets by cutting the borrowing costs by 50 basis points in order to counter the coronavirus crisis.
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