Markets plunge, “a miracle if we avoid a recession”

Markets fell sharply on Thursday.

The S&P 500 plunged 4.4 percent, the STOXX Europe 600 tumbled 3.8 percent and the Nikkei 225 sank 2.1 percent.

David Madden, market analyst at CMC Markets UK, wrote in a note that the number of confirmed cases of COVID-19 “is on the rise, and so is the number of countries that have infections”. This could reduce economic activity “as lockdowns will disrupt the business world”.

MUFG chief economist, Chris Rupkey said that “it will be a miracle if we avoid a recession”.