A short-lived rebound … the major U.S. averages rally by more than 5 per cent on the back of stimulus hopes but U.S. futures fall and Asian stocks turn lower. President Trump’s administration promises a massive $1tn rescue package in light of the global Coronavirus crisis, including tax breaks and cash handouts. A CNBC source learns that U.S. Treasury Secretary Steven Mnuchin has warned senators that U.S. unemployment could hit 20 per cent if his fiscal proposals are not enacted. In the UK, Chancellor Rishi Sunak unveils a £350bn fiscal programme to shore up businesses affected by the outbreak and says he won’t hesitate to increase this figure should demand increase. Meanwhile in Brussels, the EU shuts its external borders with the drastic lockdown set to last for a month at least.

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