Coronavirus Toll As of March 24, 2020;
Number of Cases Worldwide: 377,431
Mortality Rate: 4.4%
Markets in the US are desperately glued to Congress as the Democrats and Republicans failed on the first trading day of the week to agree on the content of a $ 2 trillion aid package that the Trump administration demands against the economic effect of the coronavirus.
Democrats’ attempt to put other issues in the package, such as worker protections and aircraft fuel emission restrictions, brought the talks to a halt yesterday.
During a press conference along with his anti-coronavirus team, President Donald Trump called on Congress members to leave the partisanship aside and pass the aid package urgently.
Stock Market Losses
As efforts for a resolution continue in Washington, Dow Jones Industrial Average fell 3.04% closing down at 18,591.93 points.
The wider market index, S&P500, fell 2.93% to 2.237.4, thus dropping 34% from its record in February, suffering its worst month since World War II.
In 18 states, which make up half the US population of 329 million, governors ordered their citizens to stay home and imposed new restrictions on social life and economic activity.
Fearing that the economy would get worse before the November presidential elections, Trump signaled an easing of the White House directive that last week mandated 15 days of staying home and social distance.
Saving The Euro
German Economy Minister Altmaier said the aid package announced on Monday was just the beginning. Altmaeir once again stated that the preservation of the euro currency remained a top priority for Germany.
Borrelli, Director of the Civil Protection Agency in Italy, the most troubled member of the eurozone, told the newspaper La Repubblica that the actual number of Covid19 cases in the country could be 10 times the official number of 64 thousand.
Tough Measures in Britain
In Britain, Prime Minister Johnson has announced that all shops that sell unnecessary goods, including clothing and electronics stores, will be closed along with libraries, playgrounds, and other buildings such as outdoor gyms and places of worship.
The Johnson government banned the gathering of more than two people.
A statement by the G7 finance ministers and central bank governors Tuesday called on oil-producing countries led by Russia and Saudi Arabia to support international efforts to promote global economic stability.