European and US stock markets slumped painfully again Thursday as new coronavirus infections spread outside China, exacerbating fears of a global slowdown.
S&P 500, Nasdaq fall 3% after steep declines across Europe, Asia; bond yields approach new lowInvestors around the world retreated from stocks and piled into haven assets including government bonds and gold, reflecting escalating worries that the coronavirus will disrupt the global economy.
HSBC Holdings PLC (HSBA.L) said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.
Kristalina Georgieva compares today with “roaring 1920s” and criticises UK wealth gap
The US and China have signed an agreement aimed at easing a trade war that has rattled markets and weighed on the global economy.
A broad gauge of Asian share markets rose to an 18-month high on Monday as Chinese equities gained, while oil touched three-month highs on a combination of U.S. crude inventory drawdowns, trade optimism and unrest in the Middle East.
U.S. President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a signing ceremony to sign the first phase of the U.S.-China trade deal agreed to this month.