Assessing the longer-term financial impact of the coronavirus spread worldwide n...
LONDON - Assessing the longer-term financial impact of the coronavirus spread worldwide now hinges on the success of lockdowns in containing the pandemic and trillions of dollar of support in easing the burden, thereby limiting the duration of the deep freeze and hastening any rebound.
Since the virus exploded beyond China in early March - triggering shutdowns of the biggest economies in the world - financial markets have gone into tailspin. Stock markets lost almost a third of value, volatility spiked, credit stress soared and a dash for dollar cash worldwide amplified the anxiety.
Investors now need to assess whether, like China, draconian lockdowns work in stopping the virus and so limiting the length of the deliberate sudden stop in activity to the second quarter. And, in the meantime, whether gigantic government rescue programmes can prevent markets crystallizing crises of their own by choking funding, forcing bankruptcies and mass unemployment.
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