Asian markets skidded again on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, but the selling was restrained by hopes for coordinated policy action to quell the panic.
Speculation of more central bank rate cuts and possible fiscal stimulus saw United States Treasury yields edge up from historic lows, and oil prices paused after the steepest fall since the 1991 Gulf war.
“The collapse in oil prices and associated credit concerns for producers have added another negative layer to a market already on its knees over the COVID-19 outbreak,” said Rodrigo Catril, a senior FX strategist at National Australia Bank.
“Talk of coordinated fiscal and monetary support is getting louder,” he added, noting US President Donald Trump was promising “major” steps to support the economy.
Trump plans a news conference later on Tuesday to lay out proposed measures and dealers reported rumours Treasury Secretary Steve Mnuchin was touting…
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2020-03-10 07:00:00
