NEW YORK (Reuters) – Global stock markets sank Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply.
Investors sought out safe havens in the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks.
U.S. payrolls fell by the largest amount since March 2009, ending a record 113 straight months of job growth. Morgan Stanley said the U.S. economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter.
In Europe, a number of firms flagged a hit to business from the pandemic caused by the new coronavirus, foreshadowing a deeper earnings recession ahead of the reporting season. [.EU]
MSCI’s gauge of stocks across the globe shed 0.64% followin