U.S. Stock Futures Edge Lower; Trump Promises Stimulus
U.S. stock futures pared the worst of their losses after after President Donald Trump promised “very substantial relief” for the economy as the coronavirus spreads.
Contracts on the S&P 500 all but erased a loss of 1% as Trump said he’s considering payroll-tax cuts, but then tumbled as much as he stopped short of announcing any concrete measures. The White House virus task force is holding a press conference in Washington. READ MORE
Australia Says Virus Hit Could Be Greater Than Financial Crisis
Prime Minister Scott Morrison said the impact of the coronavirus outbreak on Australia’s economy could be greater than the damage inflicted by the global financial crisis more than a decade ago.
“The epicenter of this crisis is much closer to home,” Morrison said in a speech in Sydney Tuesday. “The consequences for other countries are just as significant, given the integral role China plays as a source of final demand for goods and services and as part of the global supply chain.”
Morrison’s conservative government is expected to announce a multi-billion-dollar stimulus plan this week to cushion the economy, joining other nations that have opened up the fiscal spigots. More than $54 billion in budget support has already been pledged or is under consideration worldwide, with governments adopting a mix of cash handouts, tax breaks and transfers. READ MORE
- During such turmoils – we need to wait and see patiently; see how central banks reacts and inject stimulation to the economy (see what the US Federal Reserve prepare to do – READ MORE
- More panics selling have started all around the world – READ MORE
- Philippine Market will not be spared either – as CORNOVIRUS panic already started in Manila and we see more industry and companies getting affected and taking more serious measures – that will ripple earnings and performance.
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