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When pondering how much worse, Asia stock traders think 2008

Bloomberg
Bloomberg3/17/2020 9:32 AM GMT+08  • 4 min read
When pondering how much worse, Asia stock traders think 2008
he Federal Reserve’s move to slash its key interest rate by a full percentage point to near zero over the weekend failed to stem declines, while containment and stimulus measures announced by several countries elicited a similar reaction.
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SINGAPORE (Mar 17): This could be as bad as 2008 -- if not worse.

Afraid of the ramifications of the coronavirus outbreak, investors across the globe have been dumping stocks, with no end in sight. For Asia, some see equities slumping more than the 60% plunge during the global financial crisis. With no cure available for the deadly virus and a global economy already set to slow down, the situation is very different from that in 2008, a crisis largely seen as a U.S. export.

The mood in markets has distinctly soured in the past week, even as authorities slashed interest rates and introduced stimulus measures. The pandemic, which has already infected more than 174,000 people globally and killed 7,000, has brought entire countries under lockdown and disrupted global supply chains.

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