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In a statement published following Monday’s meeting, G7 leaders said that they are mobilizing the full range of instruments, including monetary and fiscal measures, to battle the coronavirus.

Key takeaways

“COVID-19 is a major risk for the world economy.”

“G7 governments will coordinate public health measures, support global investment.”

“Stepping up the response to the coronavirus outbreak is the foremost priority.”

“Will  pool epidemiologic and other data to better understand and fight the virus.”

“Will make efforts to increase the availability of medical equipment where it is most needed.”

“Asking G7 central banks to continue to coordinate necessary monetary measures.”

Market reaction

These remarks failed to trigger a recovery in the market sentiment. As of writing, the Dow Jones Industrial Average and the S&P 500 were down 8.5% and 8.1%, respectively.

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