Washington sources stated that global stock markets sank wednesday in a third day of wild price swings after President donald trump promised aid to get the US economy through the coronavirus outbreak. london and Frankfurt opened more than 3 per cent lower and shanghai, tokyo and hong kong all declined. Australia's main index fell 6.4 per cent. The white house proposal could approach $1 trillion in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve has announced more measures to keep financial markets operating.

 

Treasury Secretary Steven Mnuchin said trump wants to send checks to Americans in the next two weeks to help support them while more parts of the economy come closer to shutting down.On Wall Street, the future for the benchmark S&P 500 index was down 3.7 per cent. The future for the Dow Jones Industrial Average was off 3.9 per cent.

 

On tuesday, the S&P rose by an unusually wide daily margin of 6 per cent, regaining just under half the previous day's history-making loss. The Dow advanced 5.2 per cent. Investors expect more volatility until the virus is brought under control. Trump's proposal would include $250 billion for small businesses and $50 billion for airlines.That is a good start but investors need to see the number of infections slow before markets can find a bottom, analysts said. The number of new cases reported in china, where the virus emerged in december, is declining but infections in the united states, europe and elsewhere are increasing.

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