COVID-19: Global Stocks Fall Again

Global financial markets are set for another turbulent week as more countries take drastic actions to slow the spread of the coronavirus.

Crude oil prices have also dropped again as some economies around the world are on lockdown.

Though governments worldwide are trying to ease the impact of an impending global recession, some fear that it’s not achievable due to the struggles policymakers are facing.  

Markets across Europe saw steep falls as trading got underway on Monday, with Germany's Dax index and France's Cac 40 both down by more than 4%.

In Asia, the Hang Seng index in Hong Kong fell by nearly 5%, while China's Shanghai Composite lost 2.4%.

New Zealand's main share index started the day down by more than 10% but recovered some ground to close 7.6% lower.

The ASX 200 in Sydney dropped more than 7% in early trading and closed down 5.6% at the end of the trading session

In India, where a 14-hour curfew was announced, its Sensex index fell 10%, triggering a "circuit breaker" and a 45-minute trading halt. It continued its slide to fall 12%.

 “It would be a brave, or foolish, man to call the bottom inequities without a dramatic medical breakthrough,” said Alan Ruskin from Deutsche Bank.

Brent crude oil stocks also fell by more than 5%, taking the price to below $26 a barrel, as the closure of businesses and mass travel bans around the world hit demand for energy.

It comes as fears are growing over what authorities around the world can do to combat the effect of the sharp slowdown in global economic activity.

In the US, senators have failed to pass a motion to advance stimulus legislation worth almost $2 trillion to help the world's biggest economy deal with the impact of the pandemic, after congressional Democrats said it would be too generous to big business.

What are some of the measures countries around the world putting in place to slow the spread of the coronavirus?

At the same time countries around the world have announced new measures to slow the spread of the virus, including ordering people to stay at home and closing down bars and restaurants.

UK Prime Minister Boris Johnson has warned "tougher measures" could be introduced if people do not take the government's coronavirus advice seriously.

Germany has expanded curbs on social interactions to try to contain the outbreak, banning public gatherings of more than two people

Australia is shutting down non-essential services as coronavirus cases rise rapidly in the country.

US stocks have already fallen by around a third since the middle of last month, while even areas of investment normally seen as safe havens, such as the bond market, are under stress as hard-hit funds are forced to sell good assets to cover losses elsewhere.

If global stocks continue to fall, the global economy will fall into a recession and it will take years for the global economy to recover.