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Coronavirus outbreak: Italy deaths rise to seven as stocks braced for more falls – live updates Coronavirus live updates: stock markets tumble amid global investor alarm
(30 minutes later)
Concerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow latest news and developments Concerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow live news updates
The virus is affecting businesses all over the world. Here’s a roundup of some of the main points in the last few hours:
Investment banks including Citigroup, Credit Suisse and Nomura have curbed trips to Italy because of the outbreak, according to Reuters.
Mastercard says the virus will knock 2-3% off its revenues as travel and e-commerce is curbed by the outbreak.
United Airlines withdrew its earnings estimate for 2020 because of uncertainty over how long the virus outbreak will last.
Kuwait has suspended flights to South Korea, Italy and Iran.
Bahrain civil aviation authority has suspended all its flights from Dubai airport and Sharjah airport for 48 hours.
However, Apple is reopening half its stores in China, according to Bloomberg..
The World Health Organization has said the new coronavirus epidemic has “peaked” in China its chief but warned that a surge in cases elsewhere was “deeply concerning”.
Tedros Adhanom Ghebreyesus said the peak in China occurred between 23 January and 2 February and the number of new cases there “has been declining steadily since then”.
Although Tedros said “the sudden increase in new cases is certainly very concerning”, he said: “using the word pandemic now does not fit the facts, but it may certainly cause fear”.
The word pandemic is used to describe a serious disease that is spreading in an uncontrolled way around the world.
Some experts believe that a pandemic is inevitable.
“We now consider this to be a pandemic in all but name, and it’s only a matter of time before the World Health Organization starts to use the term in its communications,” said Dr Bharat Pankhania, from the University of Exeter Medical School.
You can read our full story below.
Italy has moved all Serie A football games and Europa League games behind closed doors to help stop the spread of the coronavirus.
“Following the demands of the sports world and knowing that the ban on sporting events open to the public remains in force in six regions of northern Italy, we have agreed to the holding of matches behind closed doors,” said sports minister Vincenzo Spadafora after a meeting of the Council of Ministers.
Italy reported its seventh death from the virus on Monday and it has the most confirmed cases in Europe.
Inter Milan announced their Europa League match with Ludogorets on Thursday would be played with no fans present.
“In agreement with UEFA, the Lombardy regional health authorities and Milan city council, our return game with Ludogorets will be played behind closed doors,” an Inter statement said.
The sports minister did not specify which Serie A matches at the weekend would be included in the ban.
There are six games in the regions he mentioned, including the clash on Sunday evening between leader Juventus and third-place Inter.
With economic uncertainty gripping the markets, the credit card giant, Mastercard, has said it will likely take a hit of between 2% and 3% due to the coronavirus outbreak.
The company said it now expects revenue growth between 9% and 10% in the current quarter as the virus impacts travel and e-commerce across borders.
The credit card giant also expects that net revenue growth on a year-over-year basis in 2020 would be at the low end of the low-teens range.
As losses in Sydney extend to 2.4%, traders are braced for a huge fall of almost 7% in Tokyo when trading starts there in about 35 minutes.
It’s partly because there was a bank holiday yesterday so there’s some pent-up selling to be done. But that’s a big drop in anyone’s terms. It shows that the complacency of recent weeks, when some indices such as the Dow and the ASX hit nrecord highs, is being swiftly replaced by a selling frenzy.
Oil also sold off 4% overnight so the gloom is stretching across different assets.
Bond yields are heading for the floor as well as money shifts into the safety of government securities. Yields - or the interest rate - move in the opposite direction to bond prices. So the more demand for bonds, the more they cost but the lower the yield goes.
My colleague Ben Butler has this:
The benchmark ASX200 is down 2.3% shortly after the market’s open, with falls across all sectors.
Logistics company Qube has taken the biggest hit, shedding more than 10%. The company unveiled a 15% fall in profits this morning, but says the drop is due to accounting standards changes.
Other stocks taking a big hit include troubled financial services group IOOF, down 6.1%, funds manager Magellan, down 5.7%.
All the big four banks - ANZ, Commonwealth, NAB and Westpac - are down more than 2%.
Airline comparison site Webjet is getting slaughtered, falling more than 6.3%, while travel agency Flight Centre is off by 3%.
The falls in Sydney have deepened to 2.3% which is in line with what futures trading suggested.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.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.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!”.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.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: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 pilgrim 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.