Markets extend rebound on hopes of G7 support for coordinated action on coronavirus outbreak
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, ahead of a conference call by Group of Seven heads.
Earlier messages from the US Federal Reserve that it was prepared to act weighed on the greenback against many other major currencies. Money markets are fully pricing in a cut of at least 0.25 percentage point 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.
In the US, six people in the Seattle area have died of the illness caused by the coronavirus, as authorities across the country scrambled to prepare for more infections.
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