LONDON (Reuters) – Global share markets dipped into the red on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage done during the coronavirus panemdic even as some countries try to re-open for business.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 14, 2020. REUTERS/Staff/File Photo
China moved again to cushion its economy, cutting a key medium-term interest rate to record lows, paving the way for a similar reduction in benchmark loan rates, while reducing the amount banks must hold as reserves.
But despite those moves combined injecting a total of $43 billion into the financial system of the world’s second largest economy, they failed to provide a sustained boost for world shares. MSCI’s All-Country World Index, which tracks shares across 49 countries, was 0.37% down.
(GRAPHIC: World stocks. vs. COVID-19 confirmed cases – here)
European stock markets opened lower, with the pan-European STOXX 600 index opening 0.8% lower after five previous days of gains, fuelled by early signs the health crisis was ebbing and on ho