Global stocks steady after plunge on virus, oil crash

(AP) — Global stock markets have rebounded from record-setting declines after President Donald Trump said he would ask for a tax cut and other steps to ease the pain of a spreading coronavirus outbreak.

The gains follow Wall Street’s biggest one-day drop since the 2008 global crisis. Oil prices also bounced back from a record-setting fall. Benchmarks in London, Frankfurt, Shanghai and Tokyo advanced.

Markets plunged Monday after a squabble among major oil producers about output levels caused crude prices to plummet 25%. Monday’s global selloff also reflected alarm over mounting economic damage from the coronavirus that emerged in China in December.

Leave a Reply

Your email address will not be published.