Markets tumble as big Fed move fails to quell virus fears

Markets tumble as big Fed move fails to quell virus fears

Platinum dived nearly 27% to its weakest level since 2002, while gold fell more than 5% as investors unloaded precious metals in exchange for cash as illiquidity haunted the U.S.. Investors worried that the Fed action, joined by central banks in Japan, Australia, New Zealand and elsewhere, may not be enough for companies facing a sharp slide in demand.. "The central banks threw the kitchen sink at it yesterday evening we are (with deep falls in stock markets)," said Societe Generale strategist Kit Juckes.. "There is a great sense that central banks are going to get to grips with the issues of getting money flowing," Juckes said.. MSCI's gauge of stocks across the globe shed 5.66% and the pan-European STOXX 600 index lost 4.82% as stock markets pared initial deeper losses.. FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020.. In Asia, Shanghai blue chips fell 4.3% overnight even as China's central bank surprised with a fresh round of liquidity injections to the financial system..