LAHORE MIRROR (Monitoring Desk)– Global stock markets have sunk despite central banks around the world announcing a co-ordinated effort to ease the effects of the coronavirus.
London’s FTSE 100 share index fell more than 7% in early trade. Earlier, markets in Asia closed sharply lower.
On Sunday, the US Federal Reserve cut interest rates to almost zero and launched a $700bn stimulus programme.
It was part of co-ordinated action announced alongside the eurozone, the UK, Japan, Canada, and Switzerland.
However, investors are concerned that central banks now have few options left to combat the impact of the pandemic.
In London, shares in airlines saw some of the biggest falls. BA-owner IAG fell more than 20% after it said it would cut its flight capacity by at least 75% in April and May, while EasyJet fell nearly 30% as it said it might have to ground the majority of its planes.
All the main European share indexes saw big falls, with France’s Cac 40 index down more than 9% and Germany’s Dax more than 8% lower.
Earlier in Asia, Japan’s benchmark Nikkei 225 closed down 2.5%, Hong Kong’s Hang Seng lost 4%, and the Shanghai Composite in China ended the day 3.3% lower.
SOURCE: BBC NEWS
