Stocks in Asia and Europe rebounded on Tuesday as investors hoped for massive global stimulus measures after the Federal Reserve promised unlimited supplies of dollars to ease strains in financial markets
LONDON - Global equities rebounded almost 2% on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve and other policymakers to ease strains in financial markets.
“Today there is a strong recovery connected to the move that the Fed has introduced this massive weapon,” said Francois Savary, CIO of wealth manager Prime Partners, noting the Fed had needed to resolve funding markets seize-ups as a priority. There were also signs of progress in Congress on a $2 trillion U.S. stimulus deal, which Treasury Secretary Steven Mnuchin hoped was “very close”.
Not everyone was optimistic the buoyant mood would last noting, for instance, that global coronavirus infections now top 350,000 with scores of countries in lockdown. China too posted a rise in new infections brought in from abroad. German activity plunged to the lowest since the 2009 crisis, driven by a record services contraction, while French activity hit all-time lows. Japan posted its biggest-ever services decline.
Commodity and emerging market currencies also benefited, with the Australian dollar up almost 2% to $0.59315 and well off 17-year lows.
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