Global markets need to stop panicking about the coronavirus, says the World Health Organization's director general.
That was the message from the World Health Organization’s director general, Dr. Tedros Adhanom Ghebreyesus on Sunday to global financial markets. Equity markets world-wide have lost $7 trillion since Feb. 19, as investors and analysts have grown increasingly alarmed over potential economic damage from the fast-growing coronavirus.
The panic has spread as the deadly virus has reached 60 countries, infected more than 86,000 and killed over 2,900, according to March 1 data from the Johns Hopkins Whiting School of Engineering’s Centers for Systems Science and Engineering. More than 42,000 people have recovered. He raised the possibility that the virus could “change direction” and grow worse, therefore the world needs to prepare for “the worst.”
In his own bid to calm financial markets, Trump said he believes the stocks can bounce back, and repeated his hopes that the politically independent Federal Reserve would lower interest rates. He also said a “pretty major” middle-income tax cut was being considered in the not-too-distant future.
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