European markets surge at open
London’s FTSE rose 2.8% in opening deals, while CAC index in France jumped 4.4% and Germany’s DAX index advanced nearly 6%.
KNR Constructions halts all operations
The infrastructure development company said it has temporarily suspended operations across all locations to prevent the spread of coronavirus. The company also said it is difficult to assess the impact of the pandemic on its business, given the uncertainty around the situation.
Coronavirus: Moody’s view on economic damage
Moody’s Analytics on Tuesday said the extent of economic damage caused by the coronavirus pandemic will ultimately depend on the trajectory of the virus and how quickly governments respond.
“Our darkening outlook for the global economy is struggling to keep up with the growing magnitude of the crisis. We have long been wary of the economy’s growth prospects this year and the threats to that growth, but COVID-19 has resulted in consistent substantial downgrades to the outlook,” Moody’s said.