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Coronavirus live updates: stock markets tumble amid global investor alarm Coronavirus live updates: stock markets tumble amid global investor alarm
(32 minutes later)
Concerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow live news updatesConcerns mount that the spread of Covid-19 cannot be stopped as deaths outside Asia continue to rise. Follow live news updates
The White House is preparing an urgent request for more funds from Congress to address the deadly coronavirus outbreak, Associated Press says. The request is still being developed but is likely to come this week, a senior administration official said.
The Department of Health and Human Services has already tapped into an emergency infectious disease rapid response fund and is seeking to transfer more than $130m from other HHS accounts to combat the virus but is pressing for more.
“We need some funding here to make sure that we protect all Americans,” deputy White House press secretary Hogan Gidley said on Fox News. “We need to combat this, we need to make sure our people are safe and the president is always going to take action to do that.”
Among the funding requirements is money to reimburse the Pentagon, which is housing evacuees from China who are required to undergo 14-day quarantines at several military bases in California.
We’re getting the Chinese Health Commission figures for new deaths and cases, and here are the headline points:
71 new deaths (68 in Hubei [56 in Wuhan]. Two cases in Shandong, one in Guangdong)
508 new cases (499 in Hubei, of which 464 in Wuhan)
530 suspected new cases
2,589 new cases recovered and discharged
This means cumulatively, there have been 77,658 confirmed cases and 2,663 deaths.
Chinese state media has given some new figures for prison infections of Covid-19 in Hubei province. We heard last week that there were more than 200 infections in the women’s prison, a figure that the People’s Daily says now stands at 279. There are also 43 cases of the infection in Shayang Hanjin prison, but no fatalities have bene reported.
The losses in Tokyo aren’t quite as steep as futures were pricing in and that might have something to do with signs that the market expects central banks to come to the rescue with renewed stimulus in the shape of interest rate cuts.
Futures for the Federal Reserve funds rate – a measure of what might happen with US rates – have surged in the last few days to price in a better-than-even chance of a quarter-point rate cut in April, Reuters reports. They imply more than 50 basis points of reductions by year end which may be enough to keep the show on the road – and, of course, the current occupant of the White House in place.
Central banks across Asia have already been easing policy, while governments have promised large injections of fiscal stimulus, something western countries might have to consider.
China has unleashed all manner of stimulus in the past month while South Korea has followed suit.
China has “comprehensively” banned the trade and consumption of wild animals, according to Chinese state media.On Monday the standing committee of the National People’s Congress adopted a proposal to prohibit wildlife trade and transportation, and to end the consumption of wild animals.The move makes the suspension announced in January, permanent.“The move aims to safeguard biological and ecological security and effectively prevent major public health risks,” Xinhua news reported.The consumption of any terrestrial world animal, including those bred in captivity, was “thoroughly prohibited”, it said, and subject to severe punishment.The use of wild animals in medicine or for scientific research is also now subject to strict conditions and approval processes.China’s government has banned the trade and consumption of wild animals during previous outbreaks, including SARS, after the disease was linked to the consumption of wild animals.The source of the coronavirus outbreak has not been confirmed, and scientists are working to decode its origins. One theory is that a wild animal like the pangolin – a widely trafficked animal which is high demand in Asia – ate infected bat droppings, and then was sold at the market at Wuhan.
Filming on the latest Mission Impossible film has been stopped over over fears of the coronavirus outbreak in Italy, Press Association reports.
A big fall in Tokyo as expected.A big fall in Tokyo as expected.
Seoul, where the Kospi took a hammering of 3.87% yesterday, is off 0.3%.Seoul, where the Kospi took a hammering of 3.87% yesterday, is off 0.3%.
As we look at the precipitous falls on markets around the world, it’s important to remember that indices have been pushed to record highs from Wall Street to London and from Frankfurt to Sydney.As we look at the precipitous falls on markets around the world, it’s important to remember that indices have been pushed to record highs from Wall Street to London and from Frankfurt to Sydney.
For example, even after today’s renewed battering, the ASX200 is still in positive territory for the year so far.For example, even after today’s renewed battering, the ASX200 is still in positive territory for the year so far.
Many would argue they were long overdue a correction so in some ways it’s not a massive surprise that there is finally a reaction to concerns about what the coronavirus might mean for the global economy.Many would argue they were long overdue a correction so in some ways it’s not a massive surprise that there is finally a reaction to concerns about what the coronavirus might mean for the global economy.
And it’s worth noting that futures trading is pricing in a rise on Wall Street later on today. Many traders will see this fall simply as “buying opportunityu”. Could the Donald be right?And it’s worth noting that futures trading is pricing in a rise on Wall Street later on today. Many traders will see this fall simply as “buying opportunityu”. Could the Donald be right?
The virus is affecting businesses all over the world. Here’s a roundup of some of the main points in the last few hours: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.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.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.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.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.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..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”.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”.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”.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.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.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.“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.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 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.
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.
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 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.
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.
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.
UK 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.
Kuwait has suspended flights to South Korea, Italy and Iran.