Shares Plunge as More Nations Self-Quarantine to Battle COVID-19 Crisis | Extent News

Asian shares tanked Monday as a rising wave of national lockdowns warned to overwhelm legislators’ frantic efforts to ease what is likely to be a deep global recession.

In a taste of the pain to come, E-Mini futures for the S&P 500 dipped 5% at the beginning of the Asian trading session and had been last off 4.5%. EURO STOXX 50 futures plunged 6.1% and FTSE futures 5.6%.

UBS Australian chief of equities distribution George Kanaan stated international financial markets had been currently held by fear, which seemed unlikely to ease any time soon, regardless of the coordinated bids of governments and central banks around the globe.

In Asian trade, MSCI’s broadest index of Asia-Pacific stocks outside Japan lost 5.01%, with New Zealand’s market losing a record 10% as the federal government closed all non-essential enterprises.

Shanghai blue chips plunged 2.51%, although Japan’s Nikkei soared 2.0% supported by expectations of more aggressive asset buying by the Bank of Japan (B0J). In Australia, the S&P/ASX200 dipped 5.62% to take the index to a seven-year low.

Worldwide, analysts are dreading data on weekly U.S. unemployment claims due on Thursday amid estimates they could inflate by 750,000, and perhaps by over a million.

U.S. shares have already plummeted over 30% from their mid-February high and even the safest areas of the bond market are witnessing liquidity pressure as distressed funds are driven to sell good assets to cover positions gone bad.

Mary Hornsby

Mary Hornsby

Mary has studied Masters in Biology and looks after the health domain brilliantly. She has great understanding of drugs and regulations in a variety of states and retains our customers upgraded with new drugs blessings and their own counterparts. She's a passionate writer and at no time reads concerning scientific posts and prefers attending health conventions in town whenever she is there.

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