Remdesivir showing promise in fight against COVID-19 Description video: G-7 promises to be actively involved in the fight against coronavirus Representatives of the G7 countries promised to start a joint fight against coronavirus, but did not voice any specific actions. […]
Remdesivir showing promise in fight against COVID-19
G-7 promises to be actively involved in the fight against coronavirus
Representatives of the G7 countries promised to start a joint fight against coronavirus, but did not voice any specific actions.
«Given the potential impact of COVID-19 on the global economy, we reaffirm our commitment to use all appropriate policy instruments to ensure sustainable growth and protect against risks», – said in a statement G-7.
US Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell held conference call with Treasury Ministers and Central Bank Governors from each country «sevens».
Markets expect coordinated action from the authorities. In the US, traders expect aggressive rate cuts from the Fed.
There were no specific proposals in the G-7 statement and stock market futures fell after its release.
«Along with strengthening measures to expand the scope of medical services, the finance ministers of the G7 countries are ready to do everything possible to combat the virus and support the economy at this stage. G7 regulators will continue to fulfill their role, thereby supporting price stability and economic growth while maintaining the stability of the financial system», – said in a statement.
It also states that the IMF and the World Bank are committed to using the tools at their disposal to the fullest extent possible. IMF offered «emergency funding, policy advice and technical assistance» for affected countries.
Markets remain affected by coronavirus panic. The Dow Jones Industrial Average fell 12% last week. However, blue-chip numbers yesterday posted their strongest one-day gains on record, as well as their biggest percentage jump since 2009..
According to Johns Hopkins tracking, there are 91,320 confirmed cases of the COVID-19 strain worldwide, leading to 3,118 deaths. 105 cases and 6 deaths reported in the US.
In addition to the US and Japan, the G-7 countries are Canada, UK, France, Germany and Italy..