NEW YORK: Global stocks mostly tumbled on Monday (Mar 23) despite fresh stimulus announcements as the economic toll from the coronavirus continued to mount. The US Federal Reserve unveiled a batch of additional aggressive measures to support the economy, but the boost was countered when a stalemated United States economy again failed to advance a key stimulus measure. Meanwhile, German ministers agreed to blast through a constitutional limit on government deficits with 156 billion euros of new borrowing to fight the impact of the novel coronavirus. “We’re showing that, right from the beginning, we will fight with all our might against this crisis calling into question healthcare for our citizens or economic activity in this country,” German Finance Minister Olaf Scholz said. But markets continued to plummet, moving inversely to the mounting number of coronavirus cases globally. More than 1.7 billion people have been asked to stay home in over 50 countries and territories around the world, including 700 million people in India alone. Late Monday, Britain ordered a three-week lockdown except for essential shops and services. MORE FED STIMULUS On Wall Street, the Dow suffered another big drop, this time of 3.0 per cent as the New York Stock Exchange… Read full this story
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