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Market are lower early in the European trading session.England’s FTSE 100 is down 0.8%.
France’s CAC 40 is down 0.5%.
Germany’s DAX is down down 1.0%.
Spain’s IBEX 35 is down 1.4%.
Italy’s FTSE MIB is down 1.1%.
Markets across Asia also got slammed with Hong Kong’s Hang Send index falling 2.0 per cent.
Overnight, global central banks acted. Brazil’s central bank cut rates. Japan’s central bank boosted its asset-purchase program by 45 trillion yen, or around $564 billion.
Korea was the big surprise, whose central bank slashed its benchmark interest rate by 25 basis points to 3.00 per cent.
“Big surprise,” wrote Bloomberg BRIEF economist Michael McDonough.
All of these actions are intended to lower interest rates in efforts to make it easier for businesses and consumers to borrow.