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Global Markets Daily Wrap Up

by biasharadigest

The Hong Kong government released $15.4 Billion to mitigate coronavirus and pro-democracy protests impact on the economy which has contracted by 1.2% for the whole of 2019. Financial Secretary in Hong Kong says the funds will offer low-interest loans for small and medium-sized enterprises with a government guarantee, and cash payout to permanent residents age 18 and above.

European countries continue to report new coronavirus cases and deaths with Italy reporting its 12th death and France it 2nd. Elsewhere, Greek authorities confirmed their first coronavirus infection.

In Italy, there were 325 confirmed cases as of Wednesday morning with the PM calling for calm. Further, infections have spread beyond the original epicentre in the North to cities such as Liguria, Lazio, and Sicily.

Across Asia, things were going south as Mainland stocks led the losses with investors scampering for safe-haven assets. By the close of Wednesday trading, the Shenzhen component plummeted 3% while the Shanghai composite shed 0.83%. South Korean stocks remain battered with new infections going past 1,100 as the Kopsi Index dropped 1.28%.

Disney shares plunged more than 2% during Wednesday’s premarket trading following revelations that CEO Bob Iger would step down, effective immediately.

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