Stock markets across the world are down this morning, following an assessment by Federal Reserve chairman Jerome Powell that suggested that the effects of the coronavirus pandemic would be long-lasting.
A report in The Guardian noted that the Japanese Nikkei 225 has lost 2.8%, the Hong Kong Hang Seng index has fallen by 2%, and the Chinese Shanghia stock exchange has lost 0.9%.
In the United Kingdom, the FTSE 100 index has dropped 2.7%, with oil & gas stocks declining by 4.1%, and it is thought that the German Dax will lose a similar amount.
Previous Federal Reserve forecasts have suggested that US GDP will shrink by 6.5% this year, and that interest rates will remain near zero.