HONG KONG: Asian equities sank once more Thursday whereas the greenback surged as a European Central Financial institution plan to spend greater than $800 billion to purchase bonds didn’t instil optimism in merchants who worry that the world is heading for a virus-fuelled financial disaster.
In what one analyst mentioned could possibly be a “game changer” for the coronavirus-wracked eurozone, the ECB’s so-called Pandemic Emergency Buy Programme goals to offer monetary markets some much-needed liquidity as traders pull the plug on markets. After asserting the transfer, ECB boss Christine Lagarde tweeted that “extraordinary times require extraordinary action. There are no limits to our commitment to the euro.”
Asian markets initially climbed on the information however quickly tumbled as traders ponder months of financial hardship with international locations around the globe in lockdown to forestall the unfold of COVID-19, which has now contaminated greater than 200,000 individuals and killed virtually 9,000.
Printed in The Categorical Tribune, March 20th, 2020.