On Wednesday, the 1st of April 2020, a gauge of global equity indices rounded off the day in a much downbeat note after recording their steepest quarterly plunge since the late-80s over the fist quarter of the year, as evidences were mounting across the board that the global economy what analysts said had already been in a recession, could be awaiting a protracted and bottomless decline.
Besides, amid a complete chaos in the global business atmosphere with airliners neighing for bailout packages, oil shales hanging at the brink of bankruptcies and a raft of businesses put under lockdown with tens of millions losing their jobs, MSCI’s gauge of stocks across the globe that keeps track of 49 stock exchanges wrapped up the day 3.09 per cent lower following a sharp drop in Japan’s Nikkei 225 and European equity indices, while Wall St.
had also opened up Wednesday’s (April 1st) market with steep decline. Meanwhile, signalling further damage in to global equity indices over the coming weeks, a portfolio manager at Alliance Bernstein in Tokyo, Masahiko Loo said earlier on Wednesday (April 2nd), “In my view, markets have still not fully priced in the damage from the coronavirus, with some people still talking about V-shaped recovery.
The U.S. and Europe are hit by the first wave now, but as you can see in Asia, there could be more waves from re-imported cases. Human psychology also does not quickly recover either after an experience like this. ” Citing statistics, Europe’s benchmark pan-European STOXX ended the day 0.14 per cent down, while MSCI’s emerging market index for large cap shares in the Jordan, Morocco and Egypt region fell by 0.63 per cent and mainland Shanghai SSE Composite wrapped up the day 0.57 per cent lower.
On Wall St., during midday trading sessions, the Dow was trading 3.14 per cent lower to 21,229.55, S&P 500 shed 3.41 per cent and the Nasdaq was nudged 2.7 per cent lower to 7,491.97.