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Coronavirus live updates: death toll jumps to 170 amid evacuation delays for foreign nationals | Coronavirus live updates: death toll jumps to 170 amid evacuation delays for foreign nationals |
(32 minutes later) | |
WHO says whole world must be on alert for Wuhan virus as UK citizens in Hubei told they will not be flown out on Thursday | WHO says whole world must be on alert for Wuhan virus as UK citizens in Hubei told they will not be flown out on Thursday |
The state-run tabloid Global Times has also picked up the story about officials being punished if they mishandle rescue funds or falsify materials during the the virus outbreak. | |
With flights into and out of Wuhan suspended, many residents of the city who left over the lunar new year have been unable to return home. China’s aviation authority has now approved chartered flights to do just that, state television said on Thursday. | |
Domestic and international airlines have cancelled flights between Wuhan and overseas cities since 23 January. The aviation authority has also asked the airlines not to stop healthy Wuhan residents from boarding flights. | |
Taiwan’s stock market has closed down 5.75% on its first of trading after reopening following the lunar new year holiday. | |
There are also reports that the government is planning to intervene to prop up the market. That begs the question of what will happen to China’s mainland stocks when trading recommences next week. | |
The Reuters news agency is reporting that China’s anti-corruption watchdog said on Thursday it will severely punish officials who slack off on the job in fighting a new virus that is spreading across the country. | The Reuters news agency is reporting that China’s anti-corruption watchdog said on Thursday it will severely punish officials who slack off on the job in fighting a new virus that is spreading across the country. |
The Central Commission for Discipline Inspection (CCDI) said on its website that anyone who doesn’t effectively carry out President Xi Jinping’s instructions in the fight against the virus would be punished. | The Central Commission for Discipline Inspection (CCDI) said on its website that anyone who doesn’t effectively carry out President Xi Jinping’s instructions in the fight against the virus would be punished. |
CCDI also said it would punish those who are derelict in their duty and misappropriate rescue funds and materials. | CCDI also said it would punish those who are derelict in their duty and misappropriate rescue funds and materials. |
The state-run People’s Daily says China is expected to resume the production of face masks on 3 February, and produce 180m masks per day by the end of February. The first working day after the lunar new year holiday is 3 February. | The state-run People’s Daily says China is expected to resume the production of face masks on 3 February, and produce 180m masks per day by the end of February. The first working day after the lunar new year holiday is 3 February. |
As I reported a little while ago, supplies of many things in Hong Kong are running out in the face of the escalating coronavirus. | As I reported a little while ago, supplies of many things in Hong Kong are running out in the face of the escalating coronavirus. |
The impact of the outbreak on the financial markets is a rapidly developing part of the story. Today has seen another broad selloff on Asian stock markets with the Hang Seng in Hong Kong down 1.7% in the second successive day of losses. The Nikkei in Tokyo has fallen nearly 2% and the Kospi in Seoul is down 1.8%. The ASX200 in Sydney has closed down 0.3%. Chinese mainland markets arestill closed for the new year holiday. | The impact of the outbreak on the financial markets is a rapidly developing part of the story. Today has seen another broad selloff on Asian stock markets with the Hang Seng in Hong Kong down 1.7% in the second successive day of losses. The Nikkei in Tokyo has fallen nearly 2% and the Kospi in Seoul is down 1.8%. The ASX200 in Sydney has closed down 0.3%. Chinese mainland markets arestill closed for the new year holiday. |
Although these falls come from high values – in Australia’s case record highs – there is mounting alarm about how the continuing shutdown of economic activity in China might crimp growth around the world. | Although these falls come from high values – in Australia’s case record highs – there is mounting alarm about how the continuing shutdown of economic activity in China might crimp growth around the world. |
The world’s most important policymaker, US Federal Reserve chairman Jerome Powell, said on Wednesday that he was watching the situation in China closely. | The world’s most important policymaker, US Federal Reserve chairman Jerome Powell, said on Wednesday that he was watching the situation in China closely. |
“There is likely to be some disruption to activity in China and globally,” he said. “It’s very uncertain how far it will spread and what the (economic) effects will be in China, for its trading partners, and around the world.... We are very carefully monitoring the situation.” | “There is likely to be some disruption to activity in China and globally,” he said. “It’s very uncertain how far it will spread and what the (economic) effects will be in China, for its trading partners, and around the world.... We are very carefully monitoring the situation.” |
The concerns were betrayed in the bond markets where the three-month-10-year US treasury yield curve inverted, a classic indicator of recession. | The concerns were betrayed in the bond markets where the three-month-10-year US treasury yield curve inverted, a classic indicator of recession. |
For the uninitiated, that means that the interest rate (or yield) payable on 10-year American government debt has fallen below the yield on the three-month equivalent. Normally you’d expect longer-term investments like the 10-year bond to yield more. So an upside down correlation means that investors are worried about future grwoth prospects. This inversion is typically followed by a recession. But having said that, it happened back in August and the US economy has powered on since then. So mit might just prove that the world of monetary policy itself has been turned upside down. | For the uninitiated, that means that the interest rate (or yield) payable on 10-year American government debt has fallen below the yield on the three-month equivalent. Normally you’d expect longer-term investments like the 10-year bond to yield more. So an upside down correlation means that investors are worried about future grwoth prospects. This inversion is typically followed by a recession. But having said that, it happened back in August and the US economy has powered on since then. So mit might just prove that the world of monetary policy itself has been turned upside down. |
A short update from Queensland in Australia, where their first person has been diagnosed with coronavirus. Another 41 people are currently being tested for the virus. | A short update from Queensland in Australia, where their first person has been diagnosed with coronavirus. Another 41 people are currently being tested for the virus. |
“These are people who have been in China within the last 14 days and have developed symptoms and they’re now being tested,” Queensland’s chief health officer Dr Jeannette Young said. | “These are people who have been in China within the last 14 days and have developed symptoms and they’re now being tested,” Queensland’s chief health officer Dr Jeannette Young said. |
The state run Chinese tabloid, the Global Times, is reporting that Beijing’s Xiaotangshan hospital that was built for the Sars crisis is being renovated and will be reopened “when needed” to help with the coronavirus. | The state run Chinese tabloid, the Global Times, is reporting that Beijing’s Xiaotangshan hospital that was built for the Sars crisis is being renovated and will be reopened “when needed” to help with the coronavirus. |
Hubei province’s governor, Wang Xiaodong, has said that the whole province has a “severe shortage” of medical supplies, not just Wuhan, according to the broadcaster CGTN. It also reports some medical staff are wearing raincoats and using disposable garbage bags as shoe covers to protect themselves in the city of Huanggang, 75km east of Wuhan. | Hubei province’s governor, Wang Xiaodong, has said that the whole province has a “severe shortage” of medical supplies, not just Wuhan, according to the broadcaster CGTN. It also reports some medical staff are wearing raincoats and using disposable garbage bags as shoe covers to protect themselves in the city of Huanggang, 75km east of Wuhan. |
Wang stressed at the press conference the severity of the coronavirus outbreak in Huanggang City, and vowed to prevent it from becoming the second Wuhan, CGTN reported. | Wang stressed at the press conference the severity of the coronavirus outbreak in Huanggang City, and vowed to prevent it from becoming the second Wuhan, CGTN reported. |