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| Asia falls, US futures hit limit down as $1.8 trillion coronavirus relief bill fails to clear Senate hurdle | Asia falls, US futures hit limit down as $1.8 trillion coronavirus relief bill fails to clear Senate hurdle |
| (32 minutes later) | |
| American stock futures fell sharply during Asian trading hours, to around the limit down levels, as talks over a massive $1 trillion+ emergency rescue package for the coronavirus-stricken US economy reached a stalemate. | American stock futures fell sharply during Asian trading hours, to around the limit down levels, as talks over a massive $1 trillion+ emergency rescue package for the coronavirus-stricken US economy reached a stalemate. |
| Dow Jones and E-Mini S&P 500 futures crashed around 5 per cent on Asia opening, before bouncing back slightly, but continued to trade around the limits, threatening a chaotic opening for American markets unless a deal is reached in the US Senate. | Dow Jones and E-Mini S&P 500 futures crashed around 5 per cent on Asia opening, before bouncing back slightly, but continued to trade around the limits, threatening a chaotic opening for American markets unless a deal is reached in the US Senate. |
| Meanwhile, South Korea's Kospi dropped 5 per cent, Singapore’s Singapore FTSE/STI and Australia's S&P/ASX 200 both crashed over 7 per cent – while India's India's Sensex hit 10% circuit breaker. | |
| Hong Kong's HSI fell 4% while mainland China's Shanghai Composite was losing around 2%. Amid the global pessimism, only Japan’s Nikkei was in the green around 2 per cent. | |
| Amid an ongoing partisan battle in the US Senate, disgruntled Majority Leader Mitch McConnell announced that without a deal he would hold another vote on Monday the same measure that failed to get the necessary 60 votes in the 100-member chamber. | Amid an ongoing partisan battle in the US Senate, disgruntled Majority Leader Mitch McConnell announced that without a deal he would hold another vote on Monday the same measure that failed to get the necessary 60 votes in the 100-member chamber. |
| The third and biggest so far rescue package, estimated to be at least $1.8 trillion, would include loans for businesses, states and municipalities during the crisis – and a sweetener of up to $3,000 in cash for “an average family of four” – as well as up to $4 trillion in liquidity for the US Federal Reserve. | |
| As the battle over the bill drags on, Republicans accuse Democrats of “reckless behavior” and depriving Americans of the much-needed anti-crisis aid, who in turn are slamming the plan as “a giant corporate bailout fund with no accountability.” | |
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