Global shares and oil prices extended their rebound on Tuesday on mounting specu...
TOKYO - Global shares and oil prices extended their rebound on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus.
The improved confidence supported U.S. S&P 500 futures, which rose 0.5% in early Asian trade on Tuesday, a day after the S&P 500 gained 4.60%, the biggest gain since December 2018. Money market pricing shows traders now expect a 100% chance of a 0.25 percentage point cut 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.
Coronavirus is now spreading much more rapidly outside China than within the country, leading the world into uncharted territory, although the World Health Organization has so far stopped short of calling it a pandemic.
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