Coronavirus: Global stock markets rebound after record-setting declines

Global stock markets rebounded Tuesday from record-setting declines after U.S. President Donald Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.

Oil prices also recovered some of their losses in Monday’s record-setting plunge.

London opened 1.8 per cent higher and Frankfurt advanced 1 per cent. China’s main stock index rose 1.8  per cent and Tokyo closed up 0.9 per cent.

On Wall Street, which suffered its biggest one-day drop since the 2008 global crisis on Monday, futures for the benchmark S&P 500 index picked up 3.9 per cent and the contract for the Dow Jones Industrial Average rose 3.8 per cent.

Monday’s global selloff reflected alarm over economic damage from the coronavirus that emerged in China in December. Anti-disease controls that shut down Chinese factories are spreading as the United States and European countries close schools, cancel public events and impose travel controls.

Anxiety mounted after Italy, the hardest-hit place in Europe, said travel controls imposed earlier on its north would be extended nationwide. Ireland canceled St. Patrick’s Day parades and Israel ordered visitors quarantined ahead of Passover and Easter, one of the busiest travel periods of the year.

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