Market panic intensified overnight as governments around the world announced fresh containment measures. The S&P500 is down 8.5%, and made a fresh low since 2009. Many major equity markets recorded their largest one-day falls since 1987. Liquidation appeared to be widespread across equities, bonds, commodities, and currencies. The ECB announced new funding schemes following its policy meeting, and the Fed unexpectedly announced very large cash injections and extended asset purchases.
