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G7 has agreed to do “everything possible” to limit the harm from the coronavirus outbreak on the global economy, US Treasury Secretary Mnuchin said on Tuesday. “If there is a need to stimulate the US economy due to the coronavirus, infrastructure is a priority,” Mnuchin added.

Following the emergency meeting that took place earlier in the day, “we reaffirm our commitment to use all appropriate tools to achieve strong, sustainable growth and safeguard downside risks,” the group said in a statement but refrained from announcing a coordinated rate cut to the markets’ disappointment.

Market reaction

Although the initial reaction weighed on US stock index futures, Wall Street looks to open the day in the positive territory. As of writing, S&P 500 futures were up 0.7% on the day.