Coronavirus: Massive global stimulus coming - will it work? Asks Robert Peston

We are likely to see a significant fiscal and monetary stimulus in UK, eurozone and US in coming few days - lots more spending (eg tomorrow’s UK budget) and probably significant easing by Bank of England, ECB and Fed (presumably largely measures to increase flow of cheap credit to cash-strapped businesses and individuals, rather than pointless discount rate cuts).

But all of that could be a temporary markets steroid unless spread of virus is decelerated.

So what really matters are stats on daily increases in infections, and whether what is happening in China and Korea - namely sharp slowdown in new Covid-19 cases - is artificial suppression or genuine victory.

All eyes therefore on the Italian lockdown and how effective that will be.