Asian Stock Markets, U.S. Futures Sink After Rate Cut

BEIJING (AP) – Asian stock markets and U.S. futures have fallen after the Federal Reserve slashed interest rates to shore up economic growth as more governments imposed anti-virus controls that are shutting down business and travel. Sydney’s benchmark plunged 7% on Monday and Hong Kong’s Hang Seng lost 2%. Shanghai was down 0.5% and Tokyo was flat. Brent crude, the international oil standard, fell 3% while gold gained., futures for the S&P 500 and the Dow industrials fell 5%, triggering a halt in trading. The price of oil fell while gold gained. That followed a dizzying week that saw the Dow twice fall by more than 2,000 points and also record it’s biggest point gain ever – 1,985 points on Friday.