'Drop in an ocean': Bank of England's emergency rate cut lifts European stocks, but coronavirus fears rattle global markets
. US futures, Asian stocks, Treasuries, and oil slumped as investors feared that central banks and governments would fail to contain the coronavirus epidemic and its economic fallout., tempered capital requirements for banks, and promised cheaper funding to support lending as the coronavirus threat grows.
The surprise cut came hours before the unveiling of the UK government's annual budget. Chancellor Rishi Sunak is expected toas the nation navigates the Brexit transition and coronavirus outbreak. "The Bank of England fired its big bazooka today, but it's really an appetizer for the main course later," Neil Wilson, chief market analyst for Markets.com, said in a morning note.
"Unlike the Fed, which shot its bolt early, this is clearly part of a major coordinated response to the coronavirus pandemic with a twin-pronged monetary and fiscal package," he added.Naeem Aslam, chief market analyst at AvaTrade, described it as a"drop in an ocean" in a Wednesday note. He doubted it was"enough to soften the blow at all."
"In the short term this could spook markets, showing as it does the severity of the coronavirus epidemic," Adam Vetesse, an analyst at eToro, said in a morning note.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Bank of England cuts rates in emergency move to counter coronavirus impactThe central bank has also announced a new term-funding scheme to support small and medium-sized companies.
Les mer »
Bank of England Cuts Interest Rates in Emergency Move to Combat Coronavirus CrisisThe Bank of England has cut interest rates in an emergency move to shore up the U.K. economy amid growing alarm over the coronavirus crisis. The Bank announced Wednesday morning it had reduced rate…
Les mer »
Bank of England cuts rates to historic lows in coronavirus response - Business InsiderThe announcement was made Wednesday morning, just over a week after the US Federal Reserve did the same.
Les mer »
Coronavirus: Bank of England cuts interest rates to protect UK economy - Business InsiderThe Bank of England has slashed interest rates to 0.25% in an emergency move to protect the UK economy from the coronavirus outbreak
Les mer »
Bank of England Cuts Rates to Protect Economy From VirusThe U.K. central bank cut its benchmark interest rate in a move aimed at cushioning the economy from the impact of the coronavirus.
Les mer »
Bank of England rate cut 'a mistake and too soon,' Jim O'Neill saysChatham House Chair Jim O'Neill criticized the emergency cut to interest rates from Bank of England (BOE) as 'a mistake and too soon.'
Les mer »