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2020 stock market crash

Updated: Wikipedia source

2020 stock market crash

On 20 February 2020, stock markets across the world suddenly crashed after growing instability due to the COVID-19 pandemic. The crash ended on 7 April 2020. Beginning on 13 May 2019, the yield curve on U.S. Treasury securities inverted, and remained so until 11 October 2019, when it reverted to normal. Through 2019, while some economists (including Campbell Harvey and former New York Federal Reserve economist Arturo Estrella), argued that a recession in the following year was likely, other economists (including the managing director of Wells Fargo Securities Michael Schumacher and San Francisco Federal Reserve President Mary C. Daly) argued that inverted yield curves may no longer be a reliable recession predictor. The yield curve on U.S. Treasuries would not invert again until 30 January 2020 when the World Health Organization declared the COVID-19 outbreak to be a Public Health Emergency of International Concern, four weeks after local health commission officials in Wuhan, China announced the first 27 COVID-19 cases as a viral pneumonia strain outbreak on 1 January. The curve did not return to normal until 3 March when the Federal Open Market Committee (FOMC) lowered the federal funds rate target by 50 basis points. In noting decisions by the FOMC to cut the federal funds rate by 25 basis points three times between 31 July and 30 October 2019, on 25 February 2020, former U.S. Under Secretary of the Treasury for International Affairs Nathan Sheets suggested that the attention of the Federal Reserve to the inversion of the yield curve in the U.S. Treasuries market when setting monetary policy may be having the perverse effect of making inverted yield curves less predictive of recessions. During 2019, the IMF reported that the world economy was going through a 'synchronized slowdown', which entered into its slowest pace since the Great Recession. Weakness was exhibited in the consumer market as global markets began to suffer through a 'sharp deterioration' of manufacturing activity. Global growth was believed to have peaked in 2017, when the world's total industrial sector output began to start a sustained decline in early 2018. The IMF blamed 'heightened trade and geopolitical tensions' as the main reason for the slowdown, citing Brexit and the China – United States trade war as primary reasons for slowdown in 2019, while other economists blamed liquidity issues. The crash caused a short-lived bear market, and in April 2020 global stock markets re-entered a bull market, though U.S. market indices did not return to January 2020 levels until November 2020. The crash signaled the beginning of the COVID-19 recession. The 2020 stock market crash followed a decade of economic prosperity and sustained global growth after recovery from the Great Recession. Global unemployment was at its lowest in history, while quality of life was generally improving across the world. However, in 2020, the COVID-19 pandemic, the most impactful pandemic since the Spanish flu, began decimating the economy. Global economic shutdowns occurred due to the pandemic, and panic buying, and supply disruptions exacerbated the market. The International Monetary Fund had pointed to other mitigating factors seen before the pandemic, such as a global synchronized slowdown in 2019, as exacerbants to the crash, especially given that the market was already vulnerable.

Infobox

Date
20 February 2020
Type
Bear market Stock market crash
Cause
COVID-19 pandemic–induced market instability Recession fears Market liquidity crisis
Outcome
Stock market instability COVID-19 recession

Tables

DJI Average on Black Monday I, Black Thursday and Black Monday II[39] · Crash
Black Monday I
Black Monday I
Name
Black Monday I
Date
9 March
Change
−2,013.76
% Change
−7.79%
Close
23,851.02
Black Thursday
Black Thursday
Name
Black Thursday
Date
12 March
Change
−2,352.60
% Change
−9.99%
Close
21,200.62
Black Monday II
Black Monday II
Name
Black Monday II
Date
16 March
Change
−2,997.10
% Change
−12.93%
Close
20,188.52
Name
Date
Change
% Change
Close
Black Monday I
9 March
−2,013.76
−7.79%
23,851.02
Black Thursday
12 March
−2,352.60
−9.99%
21,200.62
Black Monday II
16 March
−2,997.10
−12.93%
20,188.52

References

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  29. "European stocks close down 5%, travel stocks tank 10% as EU proposes flight restrictions"
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  32. "Dow futures tumble as Saudi-Russia oil price war adds to coronavirus stress"
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  34. Yahoo
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  35. "Dow drops more than 8%, heads for biggest one-day plunge since 1987 market crash"
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  36. Reuters
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  38. Reuters
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  39. Bloomberg Markets
    https://www.bloomberg.com/quote/INDU:IND
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  43. Reuters
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  44. CNN Business
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  46. "Europe stocks close lower as Apple warns of coronavirus revenue hit"
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  47. "Dow falls for a third day, dropping 165 points after Apple's coronavirus warning"
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  48. Reuters
    https://www.reuters.com/article/us-global-oil/oil-up-more-than-2-on-slowing-coronavirus-cases-u-s-move-on-venezuela-idUSKBN20D059
  49. "Treasury yields fall as coronavirus fears persist"
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  50. Reuters
    https://www.reuters.com/article/us-singapore-economy-budget/singapore-plans-biggest-budget-deficit-in-years-to-meet-virus-threat-idUSKBN20C0P2
  51. "Chinese stocks surge as the country cuts its loan prime rate"
    https://www.cnbc.com/2020/02/20/asia-markets-china-lpr-australia-jobs-data-currencies-in-focus.html
  52. "European stocks close higher as investors monitor coronavirus, economic data"
    https://www.cnbc.com/2020/02/19/europe-markets-new-cases-of-coronavirus-slow-eu-to-launch-ai-proposals.html
  53. "S&P 500 and Nasdaq jump to record highs, Dow climbs more than 100 points"
    https://www.cnbc.com/2020/02/19/stock-market-wall-street-in-focus-amid-coronavirus-outbreak.html
  54. "Oil rises more than 2% as coronavirus fears ease"
    https://www.cnbc.com/2020/02/19/oil-markets-coronavirus-in-focus.html
  55. "Treasury yields dip after Fed minutes highlight coronavirus risk"
    https://www.cnbc.com/2020/02/19/us-bonds-treasury-yields-in-focus-as-part-of-the-yield-curve-inverts.html
  56. Nasdaq.com
    https://www.nasdaq.com/articles/turkish-central-bank-cuts-key-rate-by-50-basis-points-2020-02-19
  57. "China cuts benchmark lending rates amid coronavirus outbreak"
    https://www.cnbc.com/2020/02/20/coronavirus-chinas-pboc-cuts-benchmark-lending-rate-loan-prime-rate.html
  58. Reuters
    https://www.reuters.com/article/us-argentina-rates/argentina-slashes-benchmark-interest-rate-to-40-seventh-cut-since-december-idUSKBN20D2TN
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    https://www.cnbc.com/2020/02/21/asia-markets-coronavirus-oil-currencies-in-focus.html
  60. "European stocks close lower as investors monitor coronavirus and earnings; Air France KLM down 3%"
    https://www.cnbc.com/2020/02/20/european-stocks-headed-for-lower-open-despite-coronavirus-slowdown-in-china.html
  61. "Dow falls more than 100 points after suffering a sudden midday sell-off that confused traders"
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  62. Reuters
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  64. "Growth Downgrades in Southeast Asia Fuel Calls for Stimulus"
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  68. "European stocks close lower as coronavirus spread curbs sentiment; Pearson down 4.5%"
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  69. "Dow drops more than 200 points, posts losing week as coronavirus fears resurface"
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  70. "Oil Price Fundamental Daily Forecast – Weaker as Bullish Traders Lose Patience Over Production Cut Delay"
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  72. BBC News
    https://www.bbc.co.uk/news/business-51612520
  73. Barrons
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  80. "Chinese stocks tumble as investors withdraw amid coronavirus fears"
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  81. "European stocks fall amid fears over the coronavirus outbreak; Stoxx 600 down 1.8%"
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  85. Reuters
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  86. "Japan shares drop beyond 2% as South Korea central bank keeps rate unchanged"
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  87. "European stocks close mixed as coronavirus spreads further"
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  91. Reuters
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  93. "European stocks close 3.6% lower and enter correction territory amid coronavirus fears"
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  94. CNN Business
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  95. Reuters
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  96. "10-year Treasury yield hovers near all-time low"
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  97. Financial Times
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  98. "Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis"
    https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html
  99. "European stocks fall 12% on the week as coronavirus grips markets"
    https://www.cnbc.com/2020/02/28/europe-markets-coronavirus-hammers-global-stocks.html
  100. MarketWatch
    https://www.marketwatch.com/story/global-oil-benchmark-falls-to-2-12-year-low-as-coronavirus-sparks-demand-fears-2020-02-28
  101. "10-year Treasury yield collapses to another record low below 1.12%, 2-year rate tumbles to 0.9%"
    https://www.cnbc.com/2020/02/28/10-year-treasury-yield-falls-to-new-record-low-amid-coronavirus-fears.html
  102. "Coronavirus is already impacting the UK economy, Bank of England's Carney says"
    https://www.cnbc.com/2020/02/28/coronavirus-is-impacting-the-uk-economy-bank-of-england-mark-carney-says.html
  103. "Fed's Powell says coronavirus poses 'evolving risks,' pledges to 'act as appropriate' for economy"
    https://www.cnbc.com/2020/02/28/feds-powell-says-coronavirus-poses-evolving-risks-pledges-to-act-as-appropriate-for-economy.html
  104. The Straits Times
    https://www.straitstimes.com/asia/se-asia/mahathir-unveils-66b-economic-stimulus-package
  105. "Dow plunges nearly 1,200 points as coronavirus fears send markets diving"
    https://www.nbcnews.com/business/markets/stocks-enter-correction-dow-plunges-500-points-coronavirus-fears-multiply-n1144116
  106. MarketWatch
    https://www.marketwatch.com/story/dow-sp-500-enter-correction-territory-as-stock-market-selloff-rolls-on-for-6th-straight-day-2020-02-27
  107. AOL.com
    https://www.aol.com/article/finance/2020/02/27/stocks-enter-correction-dow-plunges-by-780-points-as-coronavirus-fears-multiply/23935473/
  108. "Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash"
    https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html
  109. South China Morning Post
    https://www.scmp.com/business/markets/article/3052791/asia-stocks-fall-us-benchmarks-enter-correction-territory-mounting
  110. Reuters
    https://www.reuters.com/article/us-health-coronavirus-japan/boj-reassurance-on-coronavirus-bolsters-speculation-of-global-policy-action-idUSKBN20P018
  111. The Japan Times
    https://www.japantimes.co.jp/news/2020/03/02/business/bank-of-japan-stability-coronavirus/
  112. MarketWatch
    https://www.marketwatch.com/story/asian-markets-come-charging-back-despite-growing-fallout-from-coronavirus-2020-03-01
  113. Financial Times
    https://www.ft.com/content/a66b0770-5c24-11ea-b0ab-339c2307bcd4
  114. "Dow roars back from coronavirus sell-off with biggest gain since 2009, surges 5.1%"
    https://www.cnbc.com/2020/03/01/awaiting-us-stock-futures-open-at-6-pm-after-wall-streets-worst-week-since-2008.html
  115. MarketWatch
    https://www.marketwatch.com/story/oil-prices-rebound-sharply-as-traders-pin-hopes-on-opec-cuts-this-week-2020-03-02
  116. "10-year Treasury yield drops to another record low of 1.03% as historic fall in US rates continues"
    https://www.cnbc.com/2020/03/02/treasury-yields-mixed-as-investors-monitor-coronavirus-response.html
  117. "G-7 countries promise to use policy tools but offer no specific actions to combat coronavirus"
    https://www.cnbc.com/2020/03/03/g-7-coronavirus-statement.html
  118. "Asia stocks edge higher as RBA cuts cash rate to new record low"
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  119. The Jakarta Post
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  120. Reuters
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  121. Reuters
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  122. Reuters
    https://www.reuters.com/article/us-mexico-economy-minutes/hawks-have-upper-hand-as-mexico-central-bank-paces-rate-cuts-idUSKCN20L34G
  123. Reuters
    https://www.reuters.com/article/us-mexico-economy/mexicos-finance-minister-says-less-space-for-rate-cut-after-u-s-fed-decision-idUSKBN20Q2S4
  124. "Powell says the Fed saw 'a risk to the outlook for the economy and chose to act'"
    https://www.cnbc.com/2020/03/03/powell-says-the-fed-saw-a-risk-to-the-outlook-for-the-economy-and-chose-to-act.html
  125. "European stocks close higher after emergency Fed rate cut"
    https://www.cnbc.com/2020/03/03/european-stocks-hope-for-stimulus-from-central-banks.html
  126. "Dow plunges more than 700 points despite the Fed cutting rates"
    https://www.cnbc.com/2020/03/02/dow-futures-rise-about-150-points-in-early-trading-extending-mondays-huge-comeback-rally.html
  127. MarketWatch
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  128. "10-year Treasury yield falls below 1% for the first time after Fed slashes rates due to coronavirus"
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  129. "South Korea stocks up more than 2% as Fed cuts rate; China's services sector slumps in February"
    https://www.cnbc.com/2020/03/04/asia-markets-the-fed-australia-gdp-coronavirus-in-focus.html
  130. "European markets close higher as investors monitor virus spread and hope for stimulus"
    https://www.cnbc.com/2020/03/04/european-markets-react-to-feds-rate-cut.html
  131. "Dow soars more than 1,100 points as market rallies off Biden win, UnitedHealth pops 10%"
    https://www.cnbc.com/2020/03/03/dow-futures-show-300-point-pop-as-early-super-tuesday-results-favor.html
  132. MarketWatch
    https://www.marketwatch.com/story/oil-prices-gain-on-hope-of-substantial-cuts-to-production-by-saudi-arabia-2020-03-04
  133. "10-year Treasury yield dips below 1% again as investors still look for safety amid coronavirus fears"
    https://www.cnbc.com/2020/03/04/10-year-treasury-yield-below-1percent-as-investors-monitor-coronavirus-super-tuesday.html
  134. Reuters
    https://www.reuters.com/article/us-canada-cenbank/bank-of-canada-slashes-interest-rates-amid-coronavirus-fears-says-ready-to-cut-again-if-needed-idUSKBN20R28X
  135. The National
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  136. "IMF announces $50 billion program for coronavirus relief"
    https://www.cnbc.com/2020/03/04/imf-announces-50-billion-program-for-coronavirus-relief.html
  137. Reuters
    https://www.reuters.com/article/us-health-coronavirus-imf/imf-chief-says-coronavirus-wipes-out-hopes-for-faster-growth-in-2020-idUSKBN20R2H6
  138. Reuters
    https://www.reuters.com/article/brazil-forex-cenbank/brazil-central-bank-to-intervene-in-fx-swaps-market-on-thursday-idUSAQN025H4R
  139. "Chinese stocks lead gains as IMF announces $50 billion package to fight coronavirus"
    https://www.cnbc.com/2020/03/05/asia-markets-wall-street-imf-package-coronavirus-currencies.html
  140. "European stocks close 1.4% lower amid virus volatility; Capita plunges 38%"
    https://www.cnbc.com/2020/03/05/european-stocks-set-to-open-higher-after-50-billion-imf-pledge.html
  141. "Dow tanks more than 950 points as Wall Street's roller-coaster week continues"
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  142. MarketWatch
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  143. "10-year Treasury yield hits all-time low below 0.9% as virus fears fuel demand for US debt"
    https://www.cnbc.com/2020/03/05/10-year-treasury-yield-holds-above-1percent-after-stock-surge-coronavirus-package.html
  144. Buenos Aires Times
    https://www.batimes.com.ar/news/argentina/central-bank-will-continue-lowering-rates-to-curb-inflation.phtml
  145. "Japan shares drop beyond 2% as South Korea central bank keeps rate unchanged"
    https://www.cnbc.com/2020/02/27/asia-stocks-wall-street-bank-of-korea-decision-trump-on-coronavirus.html
  146. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/05/bi-bank-of-korea-renew-currency-swap-agreement-to-boost-trade-financial-stability.html
  147. "Major Asian markets fall more than 2% to cap week of market gyrations"
    https://www.cnbc.com/2020/03/06/asia-markets-coronavirus-airline-stocks-currencies-in-focus.html
  148. "European stocks close 3.6% lower amid coronavirus volatility; oil sector down 5.5%"
    https://www.cnbc.com/2020/03/06/european-stocks-amid-coronavirus-volatility.html
  149. "Dow falls 250 points, ekes out a small weekly gain after a wild run"
    https://www.cnbc.com/2020/03/06/us-markets-dow-futures-coronavirus-us-treasury-yields.html
  150. "Oil just had its worst day in 11 years as OPEC and Russia fall out over the coronavirus crisis"
    https://www.cnn.com/2020/03/06/business/oil-prices-opec-disarray/index.html
  151. "10-year Treasury yield falls to new all-time low under 0.7% as flight to bonds continues"
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  152. Reuters
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  153. Associated Press
    https://apnews.com/6449ec1c2eb460366853dd3e799dd877
  154. Financial Times
    https://www.ft.com/content/babdb1ba-4e3b-11ea-95a0-43d18ec715f5
  155. The Guardian
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  156. Foreign Policy
    https://foreignpolicy.com/2020/03/05/opec-tries-forestall-coronavirus-oil-collapse-crude-prices/
  157. "Oil plunges 10% for worst day in more than 5 years after OPEC+ fails to agree on a massive production cut"
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  158. Reuters
    https://www.reuters.com/article/us-global-oil/oil-prices-plunge-hit-by-erupting-saudi-russia-oil-price-war-idUSKBN20V131
  159. The Economist
    https://www.economist.com/finance-and-economics/2020/03/09/saudi-russian-price-war-sends-oil-and-stockmarkets-crashing
  160. "Oil prices plunge as much as 30% after OPEC deal failure sparks price war"
    https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html
  161. "Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts"
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  162. The Washington Post
    https://www.washingtonpost.com/business/2020/03/08/saudi-arabia-flooding-market-with-oil-prompting-predictions-further-decline-monday/
  163. The Washington Post
    https://www.washingtonpost.com/climate-environment/oil-price-war-threatens-widespread-collateral-damage/2020/03/09/3e42c9e2-6207-11ea-acca-80c22bbee96f_story.html
  164. "Oil crashes by most since 1991 as Saudi Arabia launches price war"
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  165. "Dow closes with decline of 2,000 points, almost ending 11-year bull market"
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  166. The Times of Israel
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  167. Reuters
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  168. Haaretz
    https://www.haaretz.com/israel-news/business/economy-finance/.premium-dollar-jumps-to-nis-3-862-as-shares-post-a-rare-gain-1.8685401
  169. Yahoo
    https://finance.yahoo.com/quote/TA35.TA/
  170. Yahoo
    https://finance.yahoo.com/quote/%5ETA125.TA/
  171. USA Today
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  172. The News International
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  173. Haaretz
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  174. Fortune
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  175. CNN Business
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  176. "10-year Treasury yield hits new all-time low of 0.318% amid historic flight to bonds"
    https://www.cnbc.com/2020/03/09/10-year-treasury-yield-plunges.html
  177. Financial Post
    https://business.financialpost.com/investing/markets-snapshot-oil-wreck-bear-stocks-rouble-trouble
  178. Reuters
    https://www.reuters.com/article/us-brazil-markets-idUSKBN20W2XT
  179. Reuters
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  180. The Sydney Morning Herald
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  181. "Coronavirus: FTSE 100 in biggest fall since 2008 financial crisis on outbreak fears"
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  182. The Telegraph
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  183. The Telegraph
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  184. The Times
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  185. "FTSE tumbles 8.2% on opening rout"
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  186. Q13 FOX
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  187. "European stocks close 7% lower and enter bear market territory as oil prices crash"
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  188. Bloomberg
    https://www.bloomberg.com/news/articles/2020-03-09/perfect-storm-is-plunging-asia-stocks-to-bear-markets-one-by-one
  189. 8 KPAX
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  190. CNA
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  191. Market Watch
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  192. South China Morning Post
    https://www.scmp.com/business/money/stock-talk/article/3074183/hong-kong-stocks-track-worst-fall-more-two-years-global
  193. Dawn
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  194. The Economic Times
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  195. The Washington Post
    https://www.washingtonpost.com/business/2020/03/10/coronavirus-markets-economy-corporate-debt/
  196. Reuters
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  197. Reuters
    https://www.reuters.com/article/us-brazil-markets/brazil-stocks-post-biggest-fall-since-1998-central-bank-intervenes-twice-in-fx-idUSKBN20W2XT
  198. Reuters
    https://www.reuters.com/article/us-mexico-peso/mexico-central-bank-props-up-battered-peso-rates-outlook-uncertain-idUSKBN20W32Q
  199. Reuters
    https://www.reuters.com/article/us-japan-economy/japan-preparing-120-billion-stimulus-package-to-bolster-fragile-economy-idUSKBN1Y62IU
  200. Reuters
    https://www.reuters.com/article/us-healthcare-coronavirus-japan-package/japan-announces-4-billion-coronavirus-package-not-yet-eyeing-extra-budget-idUSKBN20X04B
  201. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/09/lower-income-rising-debt-expected-as-indonesia-unveils-extra-stimulus.html
  202. "Black Monday: Stock markets plummet on coronavirus fears and oil price war"
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  203. Associated Press
    https://apnews.com/d66a95ec77d43fea5156aa6327fdf650
  204. The Economist
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  205. "FTSE nosedives as oil shock wipes billions off stocks on 'Black Monday'"
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  206. "'Crash Monday' is the price we're paying for a decade of cheap money"
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  207. "Stocks, oil prices plunge as virus closes sites around world"
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  208. "Stock market news live updates: Dow closes 1,167 points higher despite coronavirus worries"
    https://finance.yahoo.com/news/stock-market-news-live-updates-march-9-2020-221452310.html
  209. "Here's what happened to the stock market on Tuesday"
    https://www.cnbc.com/2020/03/10/what-happened-to-the-stock-market-tuesday-big-rally-on-fiscal-stimulus-hopes.html
  210. The Wall Street Journal
    https://www.wsj.com/articles/global-markets-calmer-after-two-hectic-days-11583899913
  211. "Dow rallies more than 1,100 points in a wild session, halves losses from Monday's sell-off"
    https://www.cnbc.com/2020/03/09/dow-futures-fall-200-points-following-markets-worst-day-since-financial-crisis.html
  212. "Japanese shares bounce back in turbulent session as investors await stimulus measures"
    https://www.cnbc.com/2020/03/10/asia-markets-china-inflation-data-oil-currencies-in-focus.html
  213. "European markets reverse gains to close in the red; Stoxx 600 down 0.88%"
    https://www.cnbc.com/2020/03/10/european-markets-rebound-after-global-rout-amid-oil-virus-fears.html
  214. "Oil jumps more than 10% one day after sharpest decline since 1991, amid hopes for continued OPEC talks"
    https://www.cnbc.com/2020/03/09/oil-sell-off-deepens-as-prices-slip-further-following-worst-day-since-1991.html
  215. "10-year Treasury yield rebounds from record low"
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  216. Reuters
    https://web.archive.org/web/20200323135600/https://uk.reuters.com/article/russia-markets/update-2-central-banks-act-as-russian-kazakh-currencies-tumble-idUKL8N2B31J7
  217. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/10/indonesia-prepares-additional-measures-to-stabilize-markets-halt-tax-payments-amid-virus-risks.html
  218. The Guardian
    https://www.theguardian.com/world/2020/mar/11/australia-to-unveil-24bn-coronavirus-health-package-including-pop-up-fever-clinics
  219. "Australia tumbles into bear territory as volatility continues to rock Asia Pacific markets"
    https://www.cnbc.com/2020/03/11/asia-markets-government-stimulus-coronavirus-currencies-in-focus.html
  220. "European markets close lower as coronavirus concerns persist; Bank of England cuts rates"
    https://www.cnbc.com/2020/03/11/european-markets-focus-on-the-coronavirus.html
  221. "Dow drops 1,400 points and tumbles into a bear market, down 20% from last month's record close"
    https://www.cnbc.com/2020/03/10/dow-futures-point-to-a-loss-of-more-than-400-points-after-tuesdays-surge.html
  222. Reuters
    https://www.reuters.com/article/us-usa-stocks/wall-street-tumbles-dow-confirms-bear-market-idUSKBN20Y1FR
  223. "Oil drops 4% after Saudi Aramco asked to raise output capacity"
    https://www.cnbc.com/2020/03/11/oil-markets-us-producers-in-focus.html
  224. "10-year Treasury yield rises in volatile trading"
    https://www.cnbc.com/2020/03/11/treasury-yields-edge-lower-as-us-coronavirus-cases-cross-1000.html
  225. Reuters
    https://www.reuters.com/article/us-brazil-markets/brazil-markets-slammed-as-coronavirus-goes-pandemic-stocks-fall-85-idUSKBN20Y39Q
  226. Global News
    https://globalnews.ca/news/6662527/tsx-bear-market-who-coronavirus/
  227. "Bank of England cuts rates in emergency move to combat coronavirus impact"
    https://www.cnbc.com/2020/03/11/bank-of-england-cuts-main-interest-rate.html
  228. BBC News
    https://www.bbc.com/news/uk-politics-51835306
  229. "Fed boosts money it's providing to banks in overnight repo lending to $175 billion"
    https://www.cnbc.com/2020/03/11/fed-boosts-money-its-providing-to-banks-in-overnight-repo-lending-to-175-billion.html
  230. The Japan Times
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  231. Reuters
    https://www.reuters.com/article/health-coronavirus-indonesia-economy/update-1-indonesia-announces-tax-relief-for-manufacturing-during-virus-outbreak-idUSL4N2B439A
  232. Bloomberg News
    https://web.archive.org/web/20200312175307/https://finance.yahoo.com/news/conte-calls-ecb-whatever-takes-173050659.html
  233. The New York Times
    https://www.nytimes.com/2020/03/12/world/europe/trump-travel-ban-coronavirus.html
  234. Market Insider
    https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-coronavirus-trump-travel-ban-2020-3-1028990017
  235. Barrons.com
    https://www.barrons.com/articles/why-president-donald-trumps-speech-spooked-the-stock-market-51584026366
  236. The New York Times
    https://www.nytimes.com/2020/03/12/business/stock-market-today.html
  237. "ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact"
    https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html
  238. DailyFX
    https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/03/12/Euro-Analysis-Ahead-of-ECB-Rate-Decision-and-Lagarde-Outlook.html
  239. Reuters
    https://www.reuters.com/article/indonesia-markets-bonds/indonesia-cbank-buys-4-trln-rupiah-of-bonds-in-auction-may-run-2nd-auction-idUSL4N2B51FX
  240. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/12/bank-indonesia-spends-rp-110t-to-stabilize-markets-as-virus-stokes-sell-off.html
  241. "ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact"
    https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html
  242. "Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown"
    https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html
  243. The Guardian
    https://www.theguardian.com/world/2020/mar/12/australian-government-unveils-176bn-stimulus-package-as-coronavirus-hammers-stock-market
  244. Mint
    https://www.livemint.com/industry/banking/reserve-bank-steps-into-forex-market-to-support-rupee-11584037286090.html
  245. Reuters
    https://www.reuters.com/article/health-coronavirus-liquidity/asia-markets-look-to-central-bank-action-as-liquidity-tightens-idUSL8N2B608G
  246. Reuters
    https://www.reuters.com/article/brazil-forex/update-1-brazil-central-bank-accepts-no-bids-in-1-bln-spot-fx-auction-idUSL1N2B51I3
  247. "Japan stocks follow Dow into a bear market as Trump suspends travel from Europe; WHO declares coronavirus outbreak a pandemic"
    https://www.cnbc.com/2020/03/12/asia-markets-dow-bear-market-coronavirus-currencies-in-focus.html
  248. "Hong Kong's Hang Seng Index plunges into bear market"
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  249. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/12/time-out-idx-halts-trading-as-shares-plunge-5.html
  250. "European stocks close 11% lower in worst one-day drop ever on coronavirus fears"
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  251. Forbes
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  381. Reuters
    https://www.reuters.com/article/us-australia-rba-bonds-purchases/australia-central-bank-buys-2-9-billion-of-bonds-in-first-round-of-unlimited-qe-idUSKBN21705J
  382. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/20/bi-injects-10-1b-to-stabilize-bond-markets-as-investors-dump-indonesian-assets.html
  383. Reuters
    https://www.reuters.com/article/brazil-markets-cenbank/brazil-central-bank-buys-3-bln-of-dollar-denominated-sovereign-debt-this-week-statement-idUSL1N2BD2I0
  384. Business Standard
    https://www.business-standard.com/article/pti-stories/coronavirus-rbi-to-inject-rs-30-000-cr-liquidity-into-market-next-week-120032001325_1.html
  385. The Times of India
    https://timesofindia.indiatimes.com/business/india-business/coronavirus-rbi-to-inject-rs-30000-crore-liquidity-into-market-next-week/articleshow/74734296.cms
  386. Reuters
    https://www.reuters.com/article/us-mexico-cenbank-rates/mexican-central-bank-unveils-deep-emergency-rate-cut-to-counter-coronavirus-impact-idUSKBN2173EJ
  387. Reuters
    https://www.reuters.com/article/romania-rates/update-1-romanias-central-bank-delivers-surprise-rate-cut-loosens-policy-idUSL8N2BD79J
  388. Reuters
    https://www.reuters.com/article/us-ecb-policy-denmark/ecb-opens-24-billion-euro-swap-line-with-danish-central-bank-idUSKBN2171C3
  389. "IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says"
    https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html
  390. Reuters
    https://www.reuters.com/article/us-health-coronavirus-states/u-s-states-seek-150-billion-in-emergency-federal-coronavirus-aid-idUSKBN21724O
  391. Reuters
    https://www.reuters.com/article/us-health-coronavirus-swiss/swiss-announce-32-6-billion-aid-deal-as-virus-puts-nations-back-against-wall-idUSKBN2172AN
  392. "Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact"
    https://www.cnbc.com/2020/03/20/coronavirus-and-oil-saudi-arabia-announces-32-billion-stimulus.html
  393. Reuters
    https://www.reuters.com/article/us-health-coronavirus-germany-budget/germany-planning-special-budget-of-at-least-100-billion-euros-handelsblatt-idUSKBN217240
  394. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/20/3-9-billion-state-spending-reallocated-for-covid-19-response-sri-mulyani.html
  395. "India stocks plummet 13% as coronavirus uncertainty continues to roil Asia markets"
    https://www.cnbc.com/2020/03/23/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html
  396. "European markets close lower amid coronavirus jitters; Stoxx 600 down 4.4%"
    https://www.cnbc.com/2020/03/23/european-markets-shaky-as-coronavirus-outbreak-continues.html
  397. "Dow closes down 600 points after government stimulus package fails again"
    https://www.nbcnews.com/business/markets/no-stimulus-bill-sight-markets-continue-their-slide-n1166526
  398. "Crude edges higher, U.S. gasoline slumps over 30% on sinking demand"
    https://finance.yahoo.com/news/oil-markets-slump-amid-coronavirus-023012826.html
  399. "10-year yield dives below 0.7% after Fed announces unlimited asset purchases"
    https://www.cnbc.com/2020/03/23/treasury-yields-fall-as-coronavirus-cases-rise-relief-bill-stalls.html
  400. The Japan Times
    https://www.japantimes.co.jp/news/2020/03/25/business/economy-business/g20-covid-19-action-plan/
  401. Journal of International Money and Finance
    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8677330
  402. Reuters
    https://www.reuters.com/article/us-newzealand-economy-rbnz/nz-central-bank-starts-quantitative-easing-to-tackle-coronavirus-idUSKBN21914G
  403. "Central Banks at Full Throttle Buying Bonds to Tame Markets"
    https://web.archive.org/web/20200330011208/https://finance.yahoo.com/news/boj-rba-spend-10-billion-023232886.html
  404. The Economic Times
    https://economictimes.indiatimes.com/markets/stocks/news/rbi-to-inject-rs-1-lakh-crore-liquidity-via-repo-operations/articleshow/74772264.cms
  405. Reuters
    https://www.reuters.com/article/health-coronavirs-sweden-cenbank/swedish-cbank-says-will-buy-a-maximum-of-10-bln-sek-in-covered-bonds-on-march-25-idUSFWN2BG0K4
  406. Reuters
    https://www.reuters.com/article/health-coronavirus-central-banks-southko/bank-of-korea-to-step-up-repo-operations-to-boost-liquidity-idUSS6N2AQ01W
  407. "The Federal Reserve just pledged asset purchases with no limit to support markets"
    https://www.cnbc.com/2020/03/23/fed-announces-a-slew-of-new-programs-to-help-markets-including-open-ended-asset-purchases.html
  408. Reuters
    https://www.reuters.com/article/us-japan-money-boj/banks-borrow-34-9-billion-from-bank-of-japans-1-week-dollar-funding-operation-on-monday-idUSKBN21A0B0
  409. Reuters
    https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-central-bank-to-offer-sek-400-bln-in-loans-to-banks-idUSFWN2BG1JA
  410. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/23/world-bank-approves-300m-loan-to-improve-indonesias-financial-sector.html
  411. Reuters
    https://www.reuters.com/article/health-coronavirus-brazil-banks/update-1-brazils-central-bank-to-extend-loans-to-banks-idUSL1N2BG0IX
  412. Reuters
    https://www.reuters.com/article/hungary-cenbank-swaps/hungary-cbanks-stock-of-fx-swaps-unchanged-after-mondays-tenders-idUSS8N2B2061
  413. "Australia Passes Massive Stimulus Measures as Virus Spreads"
    https://web.archive.org/web/20200323211710/https://finance.yahoo.com/news/australia-unleashes-66-billion-second-010050916.html
  414. The Japan Times
    https://web.archive.org/web/20200402175516/https://www.japantimes.co.jp/news/2020/03/23/business/economy-business/japan-considers-%c2%a530-trillion-stimulus-fight-coronavirus-outbreak/
  415. Reuters
    https://www.reuters.com/article/us-health-coronavirus-japan-debt/japan-to-spend-over-137-billion-as-virus-hits-economy-boj-eyes-more-stimulus-idUSKBN21A16L
  416. Reuters
    https://www.reuters.com/article/iceland-cenbank/update-1-icelands-central-bank-to-buy-treasury-bonds-to-aid-economy-idUSL8N2BG4DR
  417. "Japan stocks jump 7% as Fed ramps up stimulus measures; Softbank surges almost 19%"
    https://www.cnbc.com/2020/03/24/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html
  418. "European markets close 7.5% higher on Fed stimulus, Italy virus slowdown"
    https://www.cnbc.com/2020/03/24/european-markets-react-to-fed-stimulus.html
  419. "Dow rebounds more than 11% in best day since 1933 as Congress nears coronavirus stimulus deal"
    https://www.cnbc.com/2020/03/23/dow-futures-up-more-than-200-points-as-senate-debates-over-virus-bill.html
  420. "Oil jumps more than 2% as US ramps up economic support measures"
    https://www.cnbc.com/2020/03/24/oil-markets-us-crude-futures-in-focus.html
  421. "Treasury yields rise on optimism for a massive stimulus deal to curb coronavirus damage"
    https://www.cnbc.com/2020/03/24/treasury-yields-rise-as-investors-hold-out-for-stimulus-bill.html
  422. Reuters
    https://www.reuters.com/article/us-health-coronavirus-eu-response/euro-zone-pledges-whatever-it-takes-to-fight-coronavirus-effects-idUSKBN21300F
  423. "Europe unable to reach deal on new coronavirus aid as long-held tensions resurface"
    https://www.cnbc.com/2020/03/24/coronavirus-crisis-euro-countries-cant-agree-on-new-funding.html
  424. Reuters
    https://web.archive.org/web/20200521150553/https://uk.reuters.com/article/uk-japan-markets-dollar/banks-borrow-record-89-3-billion-from-bank-of-japans-dollar-funding-operations-on-tuesday-idUKKBN21B0BT
  425. Reuters
    https://www.reuters.com/article/indonesia-economy-banks/indonesia-raises-core-capital-requirement-for-banks-idUSL4N2BH27I
  426. Reuters
    https://www.reuters.com/article/us-health-coronavirus-southkorea-toll/south-korea-doubles-coronavirus-rescue-package-to-80-billion-idUSKBN21B05X
  427. Reuters
    https://www.reuters.com/article/health-coronavirus-hungary-rates/update-1-hungarian-central-bank-holds-rates-expected-to-announce-qe-type-measures-idUSL8N2BH42G
  428. Reuters
    https://www.reuters.com/article/health-coronavirus-hungary-rates/hungary-cbank-launches-new-loan-facility-to-boost-liquidity-idUSS8N2B2068
  429. Reuters
    https://www.reuters.com/article/health-coronavirus-romania-banks/romania-to-help-banks-accept-delay-in-loan-repayments-minister-idUSL8N2BH8H3
  430. "Japan stocks soar 8% as US announces coronavirus stimulus deal"
    https://www.cnbc.com/2020/03/25/asia-markets-coronavirus-us-stimulus-deal-currencies-in-focus.html
  431. "European stocks close higher as US reaches stimulus deal; Virgin Money up 26%"
    https://www.cnbc.com/2020/03/25/european-markets-react-to-us-stimulus.html
  432. "Dow jumps more than 2%, posts first back-to-back gain since February"
    https://www.cnbc.com/2020/03/24/stock-market-futures-open-to-close-news.html
  433. MarketWatch
    https://www.marketwatch.com/story/oil-retreats-as-supply-fears-outweigh-us-stimulus-package-2020-03-25
  434. "Long-term US yields fall slightly as White House and Senate strike virus deal"
    https://www.cnbc.com/2020/03/25/treasury-yields-edge-higher-as-white-house-and-senate-strike-stimulus-deal.html
  435. "Senate passes $2 trillion coronavirus relief bill — House aims for Friday vote"
    https://www.cnbc.com/2020/03/25/senate-passes-2-trillion-coronavirus-stimulus-package.html
  436. "Nine European countries say it is time for 'corona bonds' as virus death toll rises"
    https://www.cnbc.com/2020/03/25/nine-eu-countries-say-its-time-for-corona-bonds-as-virus-deaths-rise.html
  437. Reuters
    https://www.reuters.com/article/newzealand-economy-bonds/nz-cbank-proposes-to-buy-146-mln-in-government-bonds-as-part-of-qe-idUSS9N28S01T
  438. Reuters
    https://www.reuters.com/article/health-coronavirus-mexico-banks/update-1-mexican-banks-to-offer-deferred-interest-payments-principal-on-loans-finance-minister-idUSL1N2BI330
  439. Daily Maverick
    https://www.dailymaverick.co.za/article/2020-03-25-sa-reserve-bank-catches-the-quantitative-easing-bug-as-covid-19-infects-economy-bond-market/
  440. Business Korea
    http://www.businesskorea.co.kr/news/articleView.html?idxno=43275
  441. Reuters
    https://www.reuters.com/article/iceland-cenbank/iceland-central-bank-lowers-banks-reserve-requirements-idUSC7N2AL00I
  442. Reuters
    https://www.reuters.com/article/us-health-coronavirus-swiss/swiss-government-central-bank-toss-cash-at-coronavirus-hit-companies-idUSKBN21C2GM
  443. "Japan shares drop more than 4% as investors await jobless claims data stateside"
    https://www.cnbc.com/2020/03/26/asia-markets-coronavirus-us-jobless-claims-apple-suppliers-in-focus.html
  444. "European stocks close higher; US jobless claims balloon to record high"
    https://www.cnbc.com/2020/03/26/european-stocks-focus-on-coronavirus-rather-than-stimulus.html
  445. "Dow rallies more than 1,300 points, capping its biggest 3-day surge since 1931"
    https://www.cnbc.com/2020/03/25/stock-market-futures-open-to-close-news.html
  446. Reuters
    https://www.reuters.com/article/us-global-oil/oil-prices-mixed-as-demand-shrinks-but-stimulus-hopes-support-idUSKBN21D03T
  447. "10-year Treasury yield holds steady at 0.8% despite record jobless claims"
    https://www.cnbc.com/2020/03/26/treasury-yields-fall-ahead-of-us-jobless-claims-data.html
  448. Politico Europe
    https://www.politico.eu/article/virtual-summit-real-acrimony-eu-leaders-clash-over-corona-bonds/
  449. "Italy's coronavirus death toll tops 8,000 as EU leaders fail to present new stimulus"
    https://www.cnbc.com/2020/03/27/coronavirus-europe-italy-death-toll-tops-8000-after-eu-summit-clash.html
  450. Business Times
    https://www.businesstimes.com.sg/banking-finance/reserve-bank-of-australia-proposes-to-buy-a3b-in-govt-bonds-as-part-of-qe
  451. Reuters
    https://www.reuters.com/article/denmark-cenbank/update-2-nordic-central-banks-to-auction-us-dollars-on-march-26-idUSL8N2BH7UA
  452. The Star
    https://www.thestar.com.my/business/business-news/2020/03/26/singapore-central-bank-launches-us60b-scheme-for-banks
  453. Reuters
    https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-cbank-to-start-buying-commercial-paper-as-part-of-virus-package-idUSFWN2BJ0ZB
  454. The Jakarta Post
    https://www.thejakartapost.com/news/2020/03/26/indonesia-to-issue-bonds-to-rescue-businesses-affected-by-covid-19.html
  455. Reuters
    https://www.reuters.com/article/russia-cenbank-intervention/russian-cbank-to-continue-fx-selling-in-non-working-week-idUSR4N2A002J
  456. The Korea Times
    https://www.koreatimes.co.kr/www/biz/2020/03/367_286876.html
  457. "Mexico Downgraded to BBB by S&P on Virus, Oil Price Shocks"
    https://web.archive.org/web/20200327035953/https://finance.yahoo.com/news/mexico-downgraded-bbb-p-virus-223026532.html
  458. Budapest Business Journal
    https://web.archive.org/web/20200331161938/https://bbj.hu/region/czech-central-bank-slashes-key-rate-to-1_180507
  459. South China Morning Post
    https://www.scmp.com/week-asia/health-environment/article/3077083/singapore-unveils-us337-billion-stimulus-fight
  460. Reuters
    https://www.reuters.com/article/us-health-coronavirus-india-stimulus/india-outlines-22-6-billion-economic-stimulus-to-help-poor-hit-by-lockdown-idUSKBN21D0YK
  461. Reuters
    https://www.reuters.com/article/us-health-coronavirus-china-measures/china-implementing-344-billion-of-mainly-fiscal-measures-in-coronavirus-fight-idUSKBN21D2I2
  462. "Australia stocks drop more than 5% in mixed day for Asia Pacific markets"
    https://www.cnbc.com/2020/03/27/asia-markets-coronavirus-dow-us-jobless-claims-currencies-in-focus.html
  463. "European markets close lower as investors monitor coronavirus and stimulus measures"
    https://www.cnbc.com/2020/03/27/europe-markets-investors-monitor-coronavirus-and-stimulus-measures.html
  464. "Dow drops more than 900 points on Friday, but still finishes higher for the week"
    https://www.cnbc.com/2020/03/26/stock-market-futures-open-to-close-news.html
  465. Reuters
    https://www.reuters.com/article/us-global-oil/oil-gains-as-governments-pledge-support-amid-coronavirus-chaos-idUSKBN21E06Z?il=0
  466. "10-year Treasury yield falls below 0.8% as investors remain on edge about the coronavirus"
    https://www.cnbc.com/2020/03/27/treasury-yields-edge-lower-as-investors-weigh-coronavirus-spread-and-stimulus.html
  467. "Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation"
    https://www.cnbc.com/2020/03/27/house-passes-2-trillion-coronavirus-stimulus-bill-sends-it-to-trump.html
  468. Toronto Star
    https://www.thestar.com/business/2020/03/27/european-central-bank-begins-new-bond-purchases-throwing-weight-behind-virus-hit-nations.html
  469. Financial Post
    https://business.financialpost.com/news/economy/breaking-bank-of-canada-cuts-rate-emergency-move
  470. Business Standard
    https://www.business-standard.com/article/finance/rbi-follows-global-central-banks-cuts-repo-by-75-bps-to-fight-coronavirus-120032700292_1.html
  471. Reuters
    https://www.reuters.com/article/brazil-forex/brazils-central-bank-sells-610-million-in-spot-market-intervention-idUSL1N2BK1KC
  472. Reuters
    https://www.reuters.com/article/brazil-economy-cenbank/update-2-brazil-central-bank-calls-for-emergency-bond-buying-powers-idUSL1N2BK1GM
  473. Reuters
    https://www.reuters.com/article/brazil-economy-cenbank/brazil-central-bank-asks-for-authorization-to-buy-debt-directly-idUSS0N2AV02J
  474. The Straits Times
    https://www.straitstimes.com/asia/se-asia/malaysia-announces-rm250-billion-stimulus-package-to-deal-with-coronavirus-fallout
  475. South China Morning Post
    https://www.scmp.com/week-asia/economics/article/3077270/coronavirus-malaysia-unveils-massive-us57-billion-economic
  476. "Moody's downgrades SA to junk"
    https://web.archive.org/web/20200330125148/https://www.cnbcafrica.com/sa-downgrade/2020/03/27/moodys-downgrades-sa-to-junk/
  477. National Post
    https://nationalpost.com/news/canada/russian-central-bank-allocates-2-bln-for-small-medium-firms-to-pay-salaries
  478. Reuters
    https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-cbank-to-buy-covered-bonds-for-sek-20-bln-next-week-idUSFWN2BK1EO
  479. The Investment Trusts Handbook 2021
  480. Reuters
    https://web.archive.org/web/20200329055515/https://uk.reuters.com/article/uk-health-coronavirus-taiwan-cenbank/taiwan-central-bank-to-use-appropriate-monetary-tools-to-deal-with-virus-idUKKBN21F08I
  481. "Bank of Korea to offer $12 bln in dollar lending from Fed currency swap"
    https://finance.yahoo.com/news/bank-korea-offer-12-bln-030000433.html
  482. Moneyweb
    https://www.moneyweb.co.za/news-fast-news/sa-eases-bank-rules-to-free-r300m-for-loans/
  483. Reuters
    https://www.reuters.com/article/health-coronavirus-israel-banks/update-1-israel-eases-capital-requirements-so-banks-can-lend-more-to-economy-idUSL8N2BM0EB
  484. "Australia stocks surge 7% as investors assess economic impact of coronavirus pandemic"
    https://www.cnbc.com/2020/03/30/asia-markets-coronavirus-global-economy-currencies-in-focus.html
  485. "European markets extend gains after choppy session to close over 1% higher"
    https://www.cnbc.com/2020/03/30/european-markets-poised-to-start-week-on-negative-footing-as-coronavirus-remains-in-focus.html
  486. "Stocks continue their rebound from coronavirus plunge, Dow jumps 3%"
    https://www.cnbc.com/2020/03/29/stock-market-futures-open-to-close-news.html
  487. "Oil drops more than 6% to 18-year low as global demand evaporates"
    https://www.cnbc.com/2020/03/30/oil-falls-to-back-to-18-year-lows-below-20-as-global-demand-evaporates.html
  488. "10-year Treasury yield falls below 0.7% as coronavirus shutdowns set to drag on"
    https://www.cnbc.com/2020/03/30/treasury-yields-fall-with-coronavirus-shutdowns-set-to-drag-on.html
  489. "Stocks in Asia Pacific mixed; China manufacturing activity rebounds in March"
    https://www.cnbc.com/2020/03/31/asia-markets-china-official-pmi-coronavirus-global-economy-in-focus.html
  490. "European shares close higher on China data, but log worst first quarter ever"
    https://www.cnbc.com/2020/03/31/european-markets-set-to-open-higher-as-sentiment-buoyed-by-china-data.html
  491. "Stocks extend losses in final hour of trading, Dow falls 400 points to end worst-ever first quarter"
    https://www.cnbc.com/2020/03/30/stock-futures-are-flat-following-rebound-from-coronavirus-sell-off.html
  492. "Oil gains nearly 2%, but posts worst month and quarter on record"
    https://www.cnbc.com/2020/03/31/oil-markets-us-russia-oil-market-talks-in-focus.html
  493. "10-year Treasury yield rises slightly as volatile first quarter ends"
    https://www.cnbc.com/2020/03/31/treasury-yields-rise-10-year-below-0point7percent-as-coronavirus-crisis-deepens.html
  494. "Japan stocks drop more than 4%; private survey of China's manufacturing activity beats expectations"
    https://www.cnbc.com/2020/04/01/asia-markets-coronavirus-china-caixin-pmi-oil-and-currencies.html
  495. "European shares close 3% lower after US warns of soaring coronavirus death toll; banks fall 6%"
    https://www.cnbc.com/2020/04/01/european-markets-set-to-open-lower-after-us-warns-of-soaring-coronavirus-death-toll.html
  496. "Stocks hit session lows in final hour, with the Dow down 1,100 points"
    https://www.cnbc.com/2020/03/31/stock-market-futures-open-to-close-news.html
  497. "Oil falls on oversupply fears and US inventory growth"
    https://www.cnbc.com/2020/04/01/oil-markets-crude-output-in-focus.html
  498. "10-year Treasury yield falls to 0.6% as the coronavirus crisis deepens"
    https://www.cnbc.com/2020/04/01/treasury-yields-fall-as-the-coronavirus-crisis-deepens.html
  499. Foreign Policy
    https://foreignpolicy.com/2020/04/10/saudi-arabia-russia-deal-cut-oil-production/
  500. Reuters
    https://www.reuters.com/article/us-oil-opec/saudi-russia-agree-oil-cuts-extension-raise-pressure-for-compliance-idUSKBN23A1OU
  501. VOA News
    https://www.voanews.com/a/economy-business_saudi-arabia-russia-agree-record-oil-cut-under-us-pressure-demand-crashes/6187297.html
  502. Yahoo
    https://finance.yahoo.com/news/stock-market-news-live-june-11-2020-222011316.html
  503. MarketWatch
    https://www.marketwatch.com/story/dow-sp-500-close-out-historic-2020-at-records-nasdaq-composite-clinches-best-annual-return-in-11-years-2020-12-31
  504. msci.com
    https://www.msci.com/acwi
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