US stocks headed for another slide as Asian trading got under way on Monday, despite an aggressive package of measures to support markets from the Federal Reserve and other big central banks.
Futures markets pointed to a 4.8 per cent decline in the benchmark S&P 500 index when it starts trading later in the global day, even after the Fed said it would slash interest rates effectively to zero and kick-start a fresh programme of bond buying in response to the deepening crisis over the coronavirus pandemic. At one point the futures were limit down, suggesting a 5 per cent fall.
The 10-year US Treasury yield fell 33 basis points to 0.635 per cent. Yields fall as prices rise.
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