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Coronavirus outbreak: Italy deaths rise to seven as stocks braced for more falls – live updates Coronavirus outbreak: Italy deaths rise to seven as stocks braced for more falls – live updates
(32 minutes later)
Concerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow latest news and developmentsConcerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow latest news and developments
The falls in Sydney have deepened to 2.3% which is in line with what futures trading suggested.
The ASX200 in Sydney is down 1.11% in the first minutes of trade.
Not everyone is gloomy though. Donald Trump has tweeted from India that the virus was under control in the United States.
And, more boldly, he said that he thought the stock market was “starting to look very good to me!”.
There’s a lot of markets chatter around this morning. Chris Weston from Pepperstone in Melbourne says Asia is heading for a “dark and sinister” opening and the first half hour will be the key, he says.
Michael McCarthy of CMC Markets said stock market investors had pressed the panic button after a couple of weeks of gains in the face of mounting signs that the virus was going to have a big negative impact on the global economy. Investors had been “forced to acknowledge both supply and demand shocks” he writes:
The world’s trading day kicks off in Sydney shortly where the benchmark ASX200 index is expected to fall sharply for the second day running.The world’s trading day kicks off in Sydney shortly where the benchmark ASX200 index is expected to fall sharply for the second day running.
It lost 2.3% on Monday and futures trade points to a dip of 2.4% this morning after heavy losses in Wall Street, where the Dow Jones average had its worst day since December 2018.It lost 2.3% on Monday and futures trade points to a dip of 2.4% this morning after heavy losses in Wall Street, where the Dow Jones average had its worst day since December 2018.
In Japan, where the Nikkei was closed on Monday for emperor’s day, futures point to a fall of 5% at the opening later today.In Japan, where the Nikkei was closed on Monday for emperor’s day, futures point to a fall of 5% at the opening later today.
Welcome to the rolling coverage of the coronavirus outbreak as concerns continues to build about the spread of the disease outside China.Welcome to the rolling coverage of the coronavirus outbreak as concerns continues to build about the spread of the disease outside China.
The main developments are:The main developments are:
The outbreak is a pandemic in “all but name” according to a UK expertThe outbreak is a pandemic in “all but name” according to a UK expert
The death toll in Italy has risen to seven with more than 100 declared cases – the most outside Asia – as the authorities urged people to stay calm.The death toll in Italy has risen to seven with more than 100 declared cases – the most outside Asia – as the authorities urged people to stay calm.
Stock markets in Asia are braced for more heavy losses after billions of dollars were wiped off values in the US and Europe.Stock markets in Asia are braced for more heavy losses after billions of dollars were wiped off values in the US and Europe.
China has postponed its annual party congress due to start in Beijing next week.China has postponed its annual party congress due to start in Beijing next week.
Austria is stopping suspected carriers from entering the country at its borders.Austria is stopping suspected carriers from entering the country at its borders.
Iran says 12 people have died, denying reports from a news agency in the country that 50 had fallen victim in the poilgrim city of Qom. Iran says 12 people have died, denying reports from a news agency in the country that 50 had fallen victim in the pilgrim city of Qom.
UK schools would be shut under emergency measures drawn up to deal with a serious outbreakUK schools would be shut under emergency measures drawn up to deal with a serious outbreak
The US is considering a response to China’s “egregious” expulsion of Wall Street Journal reporters.The US is considering a response to China’s “egregious” expulsion of Wall Street Journal reporters.
Kuwait has suspended flights to South Korea, Italy and Iran.Kuwait has suspended flights to South Korea, Italy and Iran.