Futures are now up +400 points (Bloomberg) -- Asian stocks pared losses following the worst Wall Street session since 1987, as U.S. futures pushed higher. Still, most benchmarks remained in the red, with investors spooked that emergency fiscal and monetary packages won’t be enough to stave off a recession. S&P 500 contracts reversed losses of as much as 3% and climbed over 2%, while futures in the U.K. saw strong gains. Losses in Japan and South Korea eased, and Australian stocks rose. Global equities are still heading for their worst week since 2008 as investors price in a severely weaker outlook due to the impact of the coronavirus pandemic. The U.S. benchmark lost 9.5% on Thursday. Treasury yields fluctuated, while bonds in Australia and Japan declined, as investors rushed to raise cash. The won and rupiah sank while India’s rupee fell to a record low versus the dollar. Investors are doubting the efficacy of policy responses as coronavirus cases continue to grow across the world and restrictions on people and businesses crush sentiment. The Bank of Japan on Friday followed an earlier move from the Federal Reserve to inject liquidity, and later offered to buy $1.9 billion of bonds in an unscheduled operation. The Bank of Korea said it is closely monitoring bond markets and will take action if it deems it needed and Indonesia announced a second fiscal stimulus package of $1.55 billion, while the European Central Bank eased capital constraints and boosted liquidity on Thursday. These are some of the most notable moves: The Hang Seng Volatility Index surged 29%, has more than doubled this week.The MSCI All-Country World Index extended losses to enter bear-market territory and is now down 24% this year.The JPMorgan G7 Volatility Index of currencies is up 55% this week.The cost of insuring debt issued by Europe’s investment grade companies surged to the highest since 2016.Bitcoin plunged below $5,000. “Everyone wants to go to cash,” Kieran Calder, head of equity research for Asia at Union Bancaire Privee, told Bloomberg TV.