Global shares and oil prices extended their rebound on Tuesday as policymakers i...
TOKYO - Global shares and oil prices extended their rebound on Tuesday as policymakers indicated their willingness to move to ease the economic fallout from the coronavirus, while investors waited for a conference call by Group of Seven heads for trading cues.
“Policymakers globally are talking about supporting the economy. So short-term players, including myself, are closing positions for now ahead of the G7 call,” said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui Bank. Money markets are fully pricing in a cut of at least 0.25 percentage point to the current 1.50%-1.75% target rate at the Fed’s March 17-18 meeting as well as a 0.10 percentage point cut to the ECB’s key rate at March 12 meeting.
In the United States, six people in the Seattle area have died of the illness caused by the coronavirus, as authorities across the country scrambled to prepare for more infections.
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