Asian stock markets and U.S. futures have fallen after the Federal Reserve slashed interest rates to shore up economic growth as more governments imposed anti-virus controls that are shutting down business and travel.
FILE - In this Friday, March 13, 2020, file photo, a trader walks on the floor of the New York Stock Exchange during President Donald Trump's televised speech from the White House, in New York. Stock markets are set for another week of turbulent trading as U.S. index futures fell sharply after the Federal Reserve slashed interest rates and more companies and governments took action over the weekend to shut down European and American society.
On Wall Street, futures for the benchmark S&P 500 index fell 5% on Sunday night and triggered a halt in trading. Western governments have shut public facilities and imposed travel curbs, raising the cost of efforts to contain the outbreak that has infected nearly 170,000 people worldwide. China, where the coronavirus emerged in December, accounts for about half of those, but a dozen other countries have more than 1,000 cases each.
Brent crude lost $1.01 to $32.84 per barrel in London. Benchmark U.S. crude tumbled 1.8%, or 56 cents, to $31.17 per barrel in electronic trading on the New York Mercantile Exchange. United Airlines said it needs to cut flying capacity by 50% in April and May and expects the cuts to extend into the summer travel season. American Airlines said it cutting international flying 75%.
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