Global Stocks Plunge Into Bear Market As Trump Stuns With Europe Travel Ban
Mar 12, 2020
Global stocks plunged into a bear market and oil slumped on Thursday after U.S. President Donald Trump banned travel from Europe to stem the coronavirus, threatening more disruption to the world economy. With the pandemic wreaking havoc on the daily life of millions, investors were also disappointed by the lack of broad measures in Trump’s plan to fight the pathogen, prompting traders to bet on further aggressive easing by the Federal Reserve. “He (Trump) did not announce any new concrete measures such as a large-scale payroll tax cut to buffer the economy against the impending coronavirus slowdown,” said Jeffrey Halley, senior market analyst at OANDA. “That has probably disappointed markets more than anything.” Read more at Reuters.
