Central banks around the world have thrown the “kitchen sink at the markets” as they attempt to minimise the economic impact of Covid-19.

Michael Hewson, chief market analyst at CMC markets, said the coordinated action taken by central banks “serves to underscore the seriousness of the economic shocks coming our way".

"However [central banks] could well miss their mark unless politicians step up as well, especially in Europe, where the risks are the highest and the financial system is the weakest."