Economy

Reuters exclusively reports G7 to make no direct calls for fiscal, monetary support in coronavirus statement

Reuters exclusively reports G7 to make no direct calls for fiscal, monetary support in coronavirus statement

Reuters reported exclusively that the Group of Seven industrial powers (G7) was preparing a statement that will voice their determination to fight the economic hit of the coronavirus but does not refer to fresh government spending or interest-rate cuts, steps that global markets are keenly awaiting. The news dented market sentiment because of the lack of specific measures by the G7 to address the epidemic, with the dollar slipping against the safe-haven yen. It also dampened an intense rally across global stock markets on the back of expectations the G7 would take concerted action to bolster the global economy after a market rout last week.