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Global markets continue free fall

US Fed rolls out THIRD emergency program in 2 days & ECB announces $750bn ‘pandemic QE’, injecting liquidity into markets, after interventions by European, Australian, South Korean and Japanese authorities failed to halt the global economic meltdown.

The European Central Bank (ECB), meanwhile, said it would buy up 750 billion euros ($820 billion) in bonds throughout 2020, injecting new money into Europe’s struggling economy in a bout of ‘pandemic quantitative easing’ – a move the bank hopes will stave off a coronavirus-induced recession.

In South Korea, President Moon Jae-in announced plans to provide some 50 trillion won ($39 billion) in emergency financing, meant to shore up small businesses as the republic’s economy hits the doldrums amid the virus scare.

Another new round of quantitative easing was signaled by the Bank of Japan, offering to purchase 1 trillion yen ($9 billion) in government bonds, as desperate investors rapidly sold off bonds in an effort to raise cash.