March 17, 2020 at 6:18 AM EDT – Updated March 17 at 6:46 AM
BANGKOK (AP) — Share prices have bounced back after a brutal sell-off that gave the U.S. stock market its worst loss in more than three decades.
Paris, London, Hong Kong and Sydney logged solid gains on Tuesday while Tokyo’s benchmark was flat.
Monday’s 12% drop for the S&P 500 came as voices from Wall Street to the White House said the coronavirus may be dragging the economy into a recession.
Huge swaths of many economies are coming close to a standstill as businesses and travel shut down.
The Philippine stock market was closed as of Tuesday after the government imposed restrictions on movement in the capital.
Officials expect coronavirus lifestyle changes to last for months
Governments and central banks are scrambling to find ways to keep businesses from going bankrupt as the virus outbreak grinds the world economy to a halt.
A day after Wall Street endured its worst daily drop since the crash of 1987, markets were somewhat more stable in European trading hours.
But volatility is huge as investors try to understand what will happen to the economy as business and travel is put on lockdown around the world.
France is pledging $50 billion in aid for small businesses hurt by the spreading virus.
Volkswagen will close most of its plants for two weeks.
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