A pledge by the US central bank, the Federal Reserve, for a massive spending spree of all types of US debt failed to put the brake on the global stock market sell-off, suggesting that investors are looking for huge government spending programmes and not just market-calming initiatives by central banks.

The Irish economy is heading into recession a senior economist has warned, as official measures designed to defeat the Covid-19 outbreak hits the jobs-rich industries of tourism, hospitality, and retail.

Irish business and trade union leaders said they stand ready to work with government in a national effort to face down the Covid-19 crisis, but warn that they need more help to prevent firms from going under.

European stock markets fell again amid investor scepticism that the spending pledges by governments around the world will shield the eurozone and the US from economic damage carried by Covid-19.

Panic over the Covid-19 fallout gripped global stock markets yesterday in the worst sell-off since the financial crisis a decade ago, while oil prices slumped in their worst drop since the Gulf War almost 30 years ago.

Irish tourism chiefs are on high alert over the summer season as question marks were raised for the first time about major global sporting events, including the Olympics -- if the coronavirus threat is not contained.

Global stock markets plunged again as investors signalled that the economic fallouts across the world of a severe coronavirus pandemic could be as bad as the global financial crisis.

Irish bank and transport shares most exposed to the potential economic fallout from the coronavirus fell sharply for a second successive session, as an Italian official said it may need to call on the EU to offer leeway on budget targets due to the outbreak.

Penneys owner ABF said supplies could be hit should the reopening of Chinese factories be delayed because the retailer sources much of its clothing lines from Asia.

A global stock rally was stopped in its tracks after new concerns flared that the coronavirus could spread significantly beyond the locked-down cities at the epicentre of the outbreak in China.

The ECB’s growing confidence that the eurozone economy was on the mend may suffer a setback as the continent reels from the economic fallout of the coronavirus, a leading economist has said.

An Apple warning about a hit to its supply chain in China stripped over €41bn from the iPhone maker's market value and sent investors seeking out the next corporate victim of the deadly coronavirus outbreak.

Bank of Ireland shares soared 8% and Irish property companies clawed back some of their sharp losses after the election as global markets climbed.

European shares inched higher, recovering from their worst week in nearly seven months, but jitters remained over the economic fallout from a virus outbreak in China.

The price of oil slumped and European share prices were hammered yesterday as fears over the spread of the coronavirus quickened.

European shares notched small gains but markets continue to understand the potential fallout of the coronavirus outbreak on global growth.

Ryanair and Dalata Hotel Group were among the Irish shares caught up in a global shares sell-off as fears increased that the spread of the coronavirus would dampen world growth and tourism.

The price of oil fell sharply but global stock markets were mixed as investors scrambled to assess the potential fallout to world trade and tourism should the cases of coronavirus increase over the weekend.

The two main US stock indices — the S&P 500 and the Dow Jones — traded at new record highs as President Donald Trump hailed completing ‘phase 1’ of a trade deal between the US and China as “a momentous step”.

Irish shares surged after Boris Johnson secured a resounding election victory in the UK, as banks, property, travel firms, and hoteliers tapped into the sharp climb in the value of sterling.

Further large gains for sterling are unlikely after the currency rallied on a poll showing Boris Johnson securing a large majority in the UK election on December 12, a leading economics consultancy has said.

New figures showed Germany narrowly avoided recession but European shares slid nonetheless on fears that the US-China trade conflict was still inflicting a lot of damage to the world growth.

Irish shares fell sharply as investors took fright as British prime minister Boris Johnson said he would seek an election if MPs fail to back his new Brexit deal in the coming days.

Irish shares fell sharply as investors took fright as Boris Johnson said he would seek an election if MPs fail to back his new Brexit deal in the coming days.

Sterling held most its gains against the euro and the dollar yesterday even as analysts saw the dangers of UK prime minster’s Boris Johnson’s new Brexit deal becoming ensnared in the Commons.

The head of the business group that represents truckers has warned that final Brexit negotiations face another cliff edge next summer if any transition deal is not extended.

Since the UK voted over three years ago to leave the EU, sterling’s exchange rate has acted as a barometer of fears that the UK would crash out without striking any sort of transition deal.

UK-exposed Irish shares rose for a second day on lingering hopes of an avoidance of a crash-out, no-deal Brexit.

The Brexit gloom lifted helping boost the shares of Irish banks and property firms, as well as the owner of Paddy Power, as investors bet the risk of a crash-out Brexit had receded for the time being.

Sterling fell against the euro and the dollar as the political machinations in Westminster brought the likelihood of a general election much closer.

Stock markets on both sides of the Irish Sea are bracing for a week of high political drama at Westminster, which may decide whether Britain is set to crash out of the EU at the end of October.

Business group Isme is advising member companies in the frontline of a crash-out Brexit at Halloween to immediately prepare staff for potential redundancies.

Global markets appear to have called time on the dangerous game of hardball US president Donald Trump is playing with China, as a plunge in shares, government bond yields, and the price of oil signalled his trade wars could lead to world recession.

Brexit fears will cost the Government €1bn in lost tax revenues this year as Irish consumers rein in spending, according to a major survey.

Fears of a world recession came back to haunt global markets, prompting some investors to buy gold and safe but extremely low-yielding government bonds.

Shares in the big two Irish banks and a handful of property shares played catch-up with the global market slump to post falls, taking stock of the fading hopes of a deal that would avoid Britain crashing out of the EU at the end of October.

The shares of the two main Irish bank shares had one of their worst days since the financial crisis as lacklustre earnings and the looming Brexit threat hit hard.

The head of the ECB Mario Draghi came close to confirming that some interest rates are heading lower in September -- and a senior analyst says this will provide Finance Minister Paschal Donohoe with a ‘Draghi bounty’ and more ‘fiscal room’ in his autumn budget.