Fed launches unlimited QE, but markets keep falling - as it happened

Time for a recap

World stock markets have suffered fresh losses, despite a fresh attempt by America’s central bank to protect the US economy from the coronavirus pandemic.

After another day of panicky selling, Britain’s FTSE 100 closed 4% lower at 4993 points - its lowest closing point since 2011. European markets also dropped.

In New York, stocks sank through the day, ending 3% lower. Wall Street (which was devoid of traders due to a lockdown) has now lost almost all its gains since Donald Trump won the 2016 presidential election.

The selloff came despite the Federal Reserve producing its biggest bazooka yet -- pledging an unlimited programme of bond-buying with newly minted money, plus new programmes to buy corporate debt and support consumer credit.

Experts said it was a dramatic new move by the Fed, who could effectively be the buyer of last resort as well as the lender of last resort.

On a day in which the global death toll passed 15,000, a swathe of UK retailers are temporarily closing their doors - from bakery chain Greggs and fast foot outlet McDonalds to department store Debenhams and fashion chain Primark.

The IMF added its voice to the chorus warning of economic misery ahead. The Fund predicted the Covid-19 recession could be worse than after Lehman Brothers, and could be particularly grim for emerging markets.

However, US politicians are still struggling to agree a stimulus package - with Democrats demanding more support for families rather than simply a corporate bailout.

Faced with the prospect of a deep recession, EU politicians have agreed to suspend their debt rules - giving member states the green light to borrow what’s needed to protect their economies.

The covonavirus has also forced the UK government to suspend the rail franchise system -- it is now paying rail operators to offer a limited service, following the slump in demand from commuters.

The UK has also advised Britons abroad to return home, amid speculation that the government could soon announce a more stringent lockdown. Boris Johnson speaks shortly -- we’ll be covering it in our main liveblog:

That’s all for today. Goodnight.. GW