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Recap March 8: Stock Volatility Unprecedented – Coronavirus Fears (Recap Ep061)

In the recap of this week, coronavirus is again the main topic. U.S. stocks rebounding somewhat on Monday morning, reducing losses from last week’s coronavirus-linked hit. Markets coming off their worst week since the financial crisis. The Dow recorded its worst 1-day point drop in history. As the coronavirus pandemic continues to spread globally & the death toll mounts, it is now being stated that the majority of corona-virus deaths being reported are outside of China, for 1st time since the outbreak began. That is if one has confidence on the news, coming from the Chinese government. After initially recommending a cut of 600,000 barrels per day to support prices, the OPEC+ Joint Technical Committee has proposed slashing oil output by an extra 1 million bpd during Q2. The U.S. Federal Reserve on Tuesday morning, cut interest rates amid growing concerns over the potential economic toll of the coronavirus pandemic. The Federal Open Markets Committee (FOMC), which sets Fed interest rates, announced it will cut its baseline interest rate range by 0.50% to a 1% to 1.25% spread. Central banks in Europe are likely to announce rate cuts; Flybe airline collapsed; U.S. Treasury Yields at new record lows; The U.K. seeks to build new relationships with the world; An Uber driver is reclassified as employee in France; Brazil’s real falls; Netanyahu leads Israeli elections

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