Markets rally as US reaches deal on $2trn Covid-19 stimulus deal - business live | Business

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Rolling coverage of the latest economic and financial news
9am: FTSE 100 up 244 points or 4.5% Introduction: deal reached on $2tn coronavirus package Japan’s Nikkei gains 7% as Asia-Pacific markets jump Yesterday, Wall Street had best day since 1933! Coronavirus – latest updates See all our coronavirus coverage LIVE Updated
A currency trader smiles at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea Photograph: Ahn Young-joon/AP Graeme Wearden
Wed 25 Mar 2020 09.39 GMT First published on Wed 25 Mar 2020 06.56 GMT
Share on Facebook Share on Twitter Share via Email Key events Show 8.46am GMT 08:46 LGIM: be cautious out there.... 7.46am GMT 07:46 Rentokil hit by Covid-19 7.36am GMT 07:36 Persimmon shuts down construction sites and sales offices 7.14am GMT 07:14 UK inflation dips 7.06am GMT 07:06 US Stimulus deal: What the media say 6.53am GMT 06:53 Introduction: Stocks surge as US stimulus deal agreed Live feed Show 9.22am GMT 09:22
While the markets rally, Germany business confidence has troughed to its lowest level since 2009.
The IFO survey of German business morale, just released, slumped to 86.1 this month from 96.0 in February. Such a sharp slump is confirmation that Germany is heading for a steep recession.
ifo Institut (@ifo_Institut) ++EILMELDUNG++ #ifoGeschäftsklimaindex bricht ein - Der ifo Geschäftsklimaindex ist im März auf 86,1 Punkte eingebrochen, nach 96,0 Punkten im Februar. Die deutsche Wirtschaft steht unter Schock.🇩🇪
March 25, 2020 IFO chief Clemens Fuest says:
“This is the steepest fall ever recorded since German reunification and the lowest value since July 2009.
The German economy is in shock.
Of course, we did know that already....
I simply dont get why this is news to anyone. We have closed the economy, of course sentiment falls of a cliff.
Only thing that matters for markets now is the duration of lockdowns.
March 25, 2020 Facebook Twitter 9.16am GMT 09:16
The pound is also rallying this morning, up 1.5 cents against the US dollar at $1.19 - its highest level this week.
It’s also up nearly one eurocent at €1.099.
The dollar and the euro have been treated as safe-haven assets in recent weeks. So sterling’s recovery indicates that the markets are becoming less anxious about the future.
Mark Haefele, CIO at UBS Global Wealth Management, says the mood is brightening, thanks to the recent measures taken by central bankers and governments.
We think the actions of monetary and fiscal policymakers should help us prevent a Global Financial Crisis (GFC) style credit crunch. Tuesday’s sharp equity rally shows that the combination of central banks’ entire GFC playbook and substantial, direct fiscal support can be well received by markets.”
Facebook Twitter 9.06am GMT 09:06
The FTSE 250 index of medium-sized companies is also enjoying a good morning, up 5% at 14,935 points.
Pub chain Marstons has gained 30%, while bookmakers William Hill are up 25% -- two stocks badly hit by the government’s isolation rules ( you can’t keep away from people at the bar or the bookies ).
That’s quite a recovery from Monday, when the FTSE 250 fell below 12,770. But it was trading over 21,000 points in mid-February...
Facebook Twitter 9.03am GMT 09:03
The rally is gatherin...