Nothing’s Certain as Shell-Shocked Markets Hope for Salvation - Bloomberg

Nothing’s Certain as Shell-Shocked Markets Hope for Salvation - Bloomberg:

As traders limp back to work, the question is whether Friday’s turnaround will prove more than a moment of relief for the world’s shell-shocked markets.

The evidence suggests it won’t.

While governments and central banks around the world announce unprecedented economic-stimulus measures -- indicating a growing willingness to coordinate their actions -- economists say virus-triggered closures and national lockdowns are making a global recession all but unavoidable. That means further market gyrations in the week ahead, gains for havens such as U.S. Treasuries, the dollar and the yen, and more nervousness in stocks, commodities and emerging markets.

Middle East markets probably set the tone on Sunday as efforts to shore up the region’s economies failed to lift confidence. Dubai’s main index fell 3.4% and Abu Dhabi’s dropped 1.9%. Egyptian stocks had their worst day since 2012, weakening more than 9%, while gauges in Saudi Arabia and Kuwait retreated.