The move by the US Federal Reserve, chaired by Jerome Powell, suggested it was getting closer to restarting quantitative easing

A $1.5 trillion cash injection from the US Federal Reserve yesterday failed to prevent another day of global market turmoil. Despite emergency measures from both America and the European Central Bank, investors continued to dump equities around the world.

On Wall Street, the Dow Jones industrial average suffered its worst day since Black Monday and the S&P 500 entered a bear market for the first time since the global financial crisis.

The move by America’s central bank suggested that it was getting closer to restarting quantitative easing to counter the coronavirus rout, which has wiped $18 trillion from global stocks.

Nonetheless, the sell-off accelerated after President Trump temporarily banned flights from continental European countries but offered no hint that a big stimulus package was on