Asia stocks down after US Fed warning
Crisis spending measures to confront the pandemic are costly as US Federal Reserve chair Jerome Powell warns of lasting damage to the economy. – AFP pic, May 14, 2020.
ASIAN equities sank today following another sell-off in New York after the head of the Federal Reserve warned of “lasting damage” to the economy from shutdowns caused by the coronavirus, compounding worries about a second wave of infections. US accusations that Chinese hackers were trying to steal potentially lucrative COVID-19 vaccine research added to the downbeat mood across trading floors as a weeks-long market rally shows signs of coming to an end.
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