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Data: FactSet; Chart: Axios Visuals

Overseas stocks performed even worse than the U.S. on Thursday.

The state of play: Europe’s benchmark index fell 11.5%, its worst day in history; Brazil’s Bovespa dropped as much as 20%, extending this year’s loss to nearly 50% in dollar terms; Canada’s benchmark TSX index lost 12%, for its worst day since 1940.

  • MSCI's All Country World Index, which tracks stock exchanges in 49 countries, fell by 9.5% and is now at its lowest level since early 2017.

The big picture: The losses are mounting because there has not yet been a coherent global policy response and perhaps, more importantly, nothing from the world's largest economy, analysts say.

  • "Market psychology is focused on a U.S. fiscal response, perhaps as a shorthand for U.S. leadership domestically and internationally in this moment of crisis," Marc Chandler, managing director at Bannockburn Global Forex, said in a note to clients.
  • Further, he added in a conversation with Axios: "The focus continues to be on the U.S. because the virus outbreak is growing fast and we seem to be behind the curve. We’re still the key country."

Go deeper: Stocks surge 4% after Wall Street's worst day since 2008

Go deeper

N.Y. Times faces culture clashes as business booms

Illustration: Sarah Grillo/Axios

New York Times columnist David Brooks' resignation from a paid gig at a think tank on Saturday is the latest in a flurry of scandals that America's biggest and most successful newspaper company has endured in the past year.

Driving the news: Brooks resigned from the Aspen Institute following a BuzzFeed News investigation that uncovered conflicts of interest between Brooks' reporting and money he accepted from corporate donors for a project called "Weave" that he worked on at the nonprofit.

America rebalances its post-Trump news diet

Illustration: Annelise Capossela/Axios

Nearly halfway through President Biden's first 100 days, data shows that Americans are learning to wean themselves off of news — and especially politics.

Why it matters: The departure of former President Trump's once-ubiquitous presence in the news cycle has reoriented the country's attention.

2021 sees a record number of bills targeting trans youth

Illustration: Annelise Capossela/Axios

Republicans in at least 25 states have introduced over 60 bills targeting transgender children — a legislative boom since January that has beaten 2020's total number of anti-trans bills.

Why it matters: LGBTQ advocates say the unprecedented push was catalyzed by backlash to Biden's election and the Supreme Court ruling that workers cannot be fired for being gay or transgender.

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