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President Donald Trump’s prime-time televised address failed to arrest the downward spiral in global stock markets.

Stock futures resumed their slide in Wednesday evening trading after Trump announced a series of policies aimed at dealing with the spreading coronavirus. S&P 500 futures plunged over 4.3%, while the Dow Jones Industrial Average —which entered a bear market after falling more than 20% from its high reached just about three weeks ago during the day—saw its futures drop 4.4%. Nasdaq Composite futures were falling 4.6%.

Equities and stock futures in Asia also were trading sharply lower early Wednesday. The market in South Korea, an economy especially dependent upon world trade, was down 3.5%. Australian stocks were down more than 7%. Oil prices also resumed their slide, with U.S. crude contract down 4.3%, to $31.57 a barrel.

While insisting there is no financial crisis and the U.S. economy is strong, the president announced a series of steps to counter the pandemic, as the World Health Organization deemed coronavirus to be earlier Wednesday.

Among the steps Trump announced was a 30-day suspension in travel from Europe, except from the United Kingdom, beginning Friday. He said this was “strong but necessary action” to prevent the coronavirus from escalating further in the U.S. Trump later tweeted to clarify trade wouldn’t be affected by the travel ban.

To counter the economic hit from the spreading virus, the president said he instructed the Treasury Department to defer tax payments by certain businesses and individuals affected. He also instructed the Small Business Administration to provide $50 billion in additional loans to firms affected by the illness.

Trump also called on Congress to cut payroll taxes. Both parties have expressed opposition to the move, in part because of its negative effect on Social Security, which is funded with the levy. A cut, moreover, wouldn’t help Americans who aren’t drawing paychecks.

In sum, markets appeared both upset about the impact of the European travel ban, which would further battered the hard-hit airlines and hospitality businesses, as well as the lack of a more robust fiscal package to counter the economic effects of coronavirus. That impact is being felt in the growing list of curtailed activities, including sporting events such as the suspension of the National Basketball Association season, and the effect of the growing legions of Americans working from home.

By contrast, the U.K. had announced a comprehensive package of coordinated fiscal and monetary steps to counter the coronavirus. Markets evidently were disappointed the U.S. actions fell far short of that.

Write to Randall W. Forsyth at randall.forsyth@barrons.com