Daily Briefing: Bazooka time! After coming under fire for being slow to respond to what is effectively a simultaneous demand and supply shock to the global economy, governments across the world are rushing to roll out massive stimulus
and provide a further 20 billion pounds in tax cuts, grants and other help for businesses.
But the relief in markets was short-lived, as reality set in. The United States is just starting its coronavirus battle and its economy is set for a painful few quarters. Oxford Economics now predicts U.S. growth at zero in 2020 with output contracting 12% in the second quarter. As countries continued to limit travel in a bid to contain the spreading virus, Japan offered a window into what a disruption in the global supply chain looked like. Its imports from China fell at their fastest pace in three decades in February as the coronavirus ground factory production.
And despite billions of dollars of liquidity and multiple rounds of rate cuts, liquidity stress is everywhere. Asset managers Kames Capital and Janus Hendersonwhile money markets continued to exhibit signs of stress.
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