Daily Briefing: - Euro zone finance ministers fail to agree on support for coronavirus-hit economies - Equity market moves are more tentative on Wednesday, as investors try to gauge the scale of the economic damage
, Refinitiv data show. That would be the biggest drop since the 2008 global financial crisis. Growth figures are equally dire, with a Reuters poll showing Japan is set for a recession with a steep third straight quarterly contraction in April-June. S&P Global has cut the outlook on Australia's rating to negative.; the euro and the Australian dollar are the biggest losers. U.S. Treasury yields and German benchmark yields also fell after two successive days of rises.
Emerging-market assets also retreated. Mexico’s peso, a lightning rod due to the country’s exposure to the U.S. economy, weakened more than 1% and Turkey’s lira fell back towards Monday’s levels, when the currency revisited levels last seen during its 2018 crisis.Direct Line withdrew its final 2019 dividend
and Swedish lockmaker Assa Abloy said its operating earnings fell steeply in the first quarter. Deutsche Post, Heineken and Relx were among those scrapping their outlook. Swedbank will report a first-quarter loss due to rising costs, credit impairments and a previously announced fine after a money laundering-related investigation. Britain's biggest retailer,
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