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Coronavirus live updates: stock markets tumble amid global investor alarm Coronavirus live updates: fourth Diamond Princess passenger dies as Japan closes some schools
(32 minutes later)
Concerns mount that the spread of Covid-19 cannot be stopped as South Korean cases jump over 830, with 8 deaths. Follow latest news Concerns mount that the spread of Covid-19 cannot be stopped as stock markets fall amid investor fears. Follow latest news
Some sobering statistics from Chinese state media on the economic impact of the virus – 60% of firms face difficulties, with 6% facing bankruptcy.
The China Global TV network has made an interesting graphic on the spread of the virus in Italy.
The Wall Street Journal reporter in Beijing makes a good point about the difficult choice facing Chinese migrant workers: stay at home without a job, or return to cities where they will face quarantine.
A passenger from the Diamond Princess in their 80s has died, the Japanese broadcaster NHK has reported. The country’s education minister has also asked asked education boards with reported coronavirus cases to temporarily close schools.A passenger from the Diamond Princess in their 80s has died, the Japanese broadcaster NHK has reported. The country’s education minister has also asked asked education boards with reported coronavirus cases to temporarily close schools.
Koichi Hagiuda told reporters on Tuesday that education boards of Hokkaido in northern Japan and Chiba City near Tokyo have been told to take this preventive measure, NHK says.Koichi Hagiuda told reporters on Tuesday that education boards of Hokkaido in northern Japan and Chiba City near Tokyo have been told to take this preventive measure, NHK says.
He also said some schools without confirmed infections should also consider closing.He also said some schools without confirmed infections should also consider closing.
Trading is now well under way in Hong Kong where the index is down slightly, and China where the Shanghai Composite is off 1.17%.Trading is now well under way in Hong Kong where the index is down slightly, and China where the Shanghai Composite is off 1.17%.
But Asia Pacific has continued to recover lost ground elsewhere with the Nikkei down a mere 2.84% and Australia off 1.3%. Seoul is up 0.5%.But Asia Pacific has continued to recover lost ground elsewhere with the Nikkei down a mere 2.84% and Australia off 1.3%. Seoul is up 0.5%.
We heard in that news conference questions about the impact of the virus on the Olympics. Brendan Murphy, the country’s chief medical officer said it was too early to tell, but the Australian Olympic team’s medical director, David Hughes, has told the Sydney Morning Herald that human-to-human transmission of Covid-19 in Japan was a “far from ideal” situation.We heard in that news conference questions about the impact of the virus on the Olympics. Brendan Murphy, the country’s chief medical officer said it was too early to tell, but the Australian Olympic team’s medical director, David Hughes, has told the Sydney Morning Herald that human-to-human transmission of Covid-19 in Japan was a “far from ideal” situation.
He has warned that the next two weeks will be “the real test” in assessing what risk the coronavirus poses to this year’s event in Tokyo, and says the Australian team has begun drawing up contingencies for training in “safe areas”.He has warned that the next two weeks will be “the real test” in assessing what risk the coronavirus poses to this year’s event in Tokyo, and says the Australian team has begun drawing up contingencies for training in “safe areas”.
Dr Hughes told the news outlet the virus was a “significant challenge that we would rather not have” but was proceeding on the basis the Games would go ahead.Dr Hughes told the news outlet the virus was a “significant challenge that we would rather not have” but was proceeding on the basis the Games would go ahead.
“The next couple of weeks is going to be the real test in seeing whether this local transmission can be brought under control,” he said.“The next couple of weeks is going to be the real test in seeing whether this local transmission can be brought under control,” he said.
Japan has 851 confirmed cases of the virus. Of those, 691 were passengers on the Diamond Princess cruise ship.Japan has 851 confirmed cases of the virus. Of those, 691 were passengers on the Diamond Princess cruise ship.
The Tokyo Olympics are due to be held from 24 Jul to 9 August.The Tokyo Olympics are due to be held from 24 Jul to 9 August.
Shane Oliver, chief economist of the wealth manager AMP in Sydney, says in a note today that he now expects the global economy to stagtnate or possibly shrink a bit in this quarter.Shane Oliver, chief economist of the wealth manager AMP in Sydney, says in a note today that he now expects the global economy to stagtnate or possibly shrink a bit in this quarter.
His base case is that the outbreak will be contained by March and that markets will bounce back.His base case is that the outbreak will be contained by March and that markets will bounce back.
But there is still uncertainty as he notes that “some estimates suggest that as much as 50% of China’s economy has been locked down for the last three weeks which means nearly 12% knocked off Chinese GDP this quarter”. Containment measures across large economies such as Italy and South Korea “will spread the economic disruption globally”.But there is still uncertainty as he notes that “some estimates suggest that as much as 50% of China’s economy has been locked down for the last three weeks which means nearly 12% knocked off Chinese GDP this quarter”. Containment measures across large economies such as Italy and South Korea “will spread the economic disruption globally”.
As such, he says:As such, he says:
He concludes:He concludes:
In a big picture sense, the fall in share markets should be seen as just another correction after markets ran hard and fast into record highs this year from their last decent correction into August last year.In a big picture sense, the fall in share markets should be seen as just another correction after markets ran hard and fast into record highs this year from their last decent correction into August last year.
Australia’s chief medical officer is asked about the impact on the Olympics of the virus. He says it’s too early to tell.Australia’s chief medical officer is asked about the impact on the Olympics of the virus. He says it’s too early to tell.
“The impact (of the coronavirus) will be more significant than the bushfires and it plays out more broadly across the Australian economy,” says Australia’s treasurer, Josh Frydenberg.“The impact (of the coronavirus) will be more significant than the bushfires and it plays out more broadly across the Australian economy,” says Australia’s treasurer, Josh Frydenberg.
He says the Treasury has not finalised their analysis of the impact of the virus and that there’s “considerable uncertainty” about it.He says the Treasury has not finalised their analysis of the impact of the virus and that there’s “considerable uncertainty” about it.
We are now hearing from Australia’s health minister, Greg Hunt.We are now hearing from Australia’s health minister, Greg Hunt.
“No country has a guarantee. No country is immune,” he says referring to the outbreaks in South Korea, Japan and Iran.“No country has a guarantee. No country is immune,” he says referring to the outbreaks in South Korea, Japan and Iran.
He says Australia is following a “long-prepared plan”.He says Australia is following a “long-prepared plan”.
The chief health officer Prof Brendan Murphy has the microphone now. He says he is concerned about the outbreaks in South Korea, Japan and Iran.The chief health officer Prof Brendan Murphy has the microphone now. He says he is concerned about the outbreaks in South Korea, Japan and Iran.
“Whilst the numbers aren’t very high in Iran, the death rate would suggest that the numbers are probably higher than being reported,” he says.“Whilst the numbers aren’t very high in Iran, the death rate would suggest that the numbers are probably higher than being reported,” he says.
He repeats that there is no community transmission in Australia, but adds: “If there is a global pandemic we are prepared”.He repeats that there is no community transmission in Australia, but adds: “If there is a global pandemic we are prepared”.
South Korea is planning more measures to contain the virus, including more powers to enforce quarantine and a range of stimulus for the economy.South Korea is planning more measures to contain the virus, including more powers to enforce quarantine and a range of stimulus for the economy.
The government is clearly very worried on the latter score and is preparing an emergency budget to help tackle the outbreak. But a slowdown in South Korea is also a big concern for the rest of us because it plays a key role in the world economy.The government is clearly very worried on the latter score and is preparing an emergency budget to help tackle the outbreak. But a slowdown in South Korea is also a big concern for the rest of us because it plays a key role in the world economy.
South Korea is the 12th biggest economy in the world – bigger than Spain, Mexico and Australia. But it is the 6th biggest exporter in the world and because it doesn’t have many natural resources most exports are things that are used to make other stuff – known as intermediate goods.South Korea is the 12th biggest economy in the world – bigger than Spain, Mexico and Australia. But it is the 6th biggest exporter in the world and because it doesn’t have many natural resources most exports are things that are used to make other stuff – known as intermediate goods.
South Korea is one of the world’s biggest manufacturers of semiconductors, the key electronic component of so many everyday devices. Samsung – a conglomerate or chaebol, made up of dozens of separate companies – not only makes phones and TVs, it it is the No 2 maker of semiconductors after Intel. Another Korean firm, SK Hynix, is fourth on the list.South Korea is one of the world’s biggest manufacturers of semiconductors, the key electronic component of so many everyday devices. Samsung – a conglomerate or chaebol, made up of dozens of separate companies – not only makes phones and TVs, it it is the No 2 maker of semiconductors after Intel. Another Korean firm, SK Hynix, is fourth on the list.
Carmaking is also a huge part of the Korean economy with Hyundai ranked third in the world behind Toyota and VW. It suspended production at its massive Ulsan site earlier this month because of a shoretage of parts from China and has warned that dealerships can expect delays to delivery of new models as a result.Carmaking is also a huge part of the Korean economy with Hyundai ranked third in the world behind Toyota and VW. It suspended production at its massive Ulsan site earlier this month because of a shoretage of parts from China and has warned that dealerships can expect delays to delivery of new models as a result.
Read more here on how global businesses are suffering:Read more here on how global businesses are suffering:
We’re now hearing from the Australian treasurer, Josh Frydenberg, on the economic impact of the virus. He has just returned from the G20 finance minister’s meeting.We’re now hearing from the Australian treasurer, Josh Frydenberg, on the economic impact of the virus. He has just returned from the G20 finance minister’s meeting.
“Here in Australian the economic impact has been significant,” he says, “not just the tourism and education sectors, which together contribute around $16bn to the Australian economy, but also agriculture, and the destruction to end-to-end supply chains.”“Here in Australian the economic impact has been significant,” he says, “not just the tourism and education sectors, which together contribute around $16bn to the Australian economy, but also agriculture, and the destruction to end-to-end supply chains.”
Morrison says the outbreak is affecting the building and supply chain industries, in addition to the education and tourism sectors in Australia.Morrison says the outbreak is affecting the building and supply chain industries, in addition to the education and tourism sectors in Australia.
We’re hearing a news conference from the Australian PM, Scott Morrison. He says that 15 patients who had been diagnosed with the virus have now been discharged. The seven remaining cases are returnees from the stricken Diamond Princess cruise ship. He says all those cases are mild.We’re hearing a news conference from the Australian PM, Scott Morrison. He says that 15 patients who had been diagnosed with the virus have now been discharged. The seven remaining cases are returnees from the stricken Diamond Princess cruise ship. He says all those cases are mild.
He says there is no human-to-human transmission in Australia.He says there is no human-to-human transmission in Australia.
Hong Kong has closed its borders to anyone arriving from South Korea, except for Hong Kong residents, who will have to undergo two weeks of medical surveillance. John Lee, Hong Kong secretary of security, told reporters the security bureau would issue a travel red alert in response to the outbreak in South Korea and anyone who had been there in the past fortnight would be denied entry.South Korea has seen the biggest outbreak outside of mainland China. Eight people have died, and more than 830 are infected.Two people have died in Hong Kong after contracting Covid-19, out of 79 confirmed cases. Claudia Mo, a pro-democracy legislator, appeared to criticise the chief executive, Carrie Lam, on Twitter.Hong Kong has closed its borders to anyone arriving from South Korea, except for Hong Kong residents, who will have to undergo two weeks of medical surveillance. John Lee, Hong Kong secretary of security, told reporters the security bureau would issue a travel red alert in response to the outbreak in South Korea and anyone who had been there in the past fortnight would be denied entry.South Korea has seen the biggest outbreak outside of mainland China. Eight people have died, and more than 830 are infected.Two people have died in Hong Kong after contracting Covid-19, out of 79 confirmed cases. Claudia Mo, a pro-democracy legislator, appeared to criticise the chief executive, Carrie Lam, on Twitter.
In late January, amid protests by medical workers calling for Hong Kong to close all of its land borders with mainland China, Lam said it “may fuel discrimination”.In late January, amid protests by medical workers calling for Hong Kong to close all of its land borders with mainland China, Lam said it “may fuel discrimination”.
Hong Kong eventually closed all but a few of the border crossings, and implemented compulsory quarantine for arrivals from mainland China, but the administration’s response since the outbreak has been criticised.Hong Kong eventually closed all but a few of the border crossings, and implemented compulsory quarantine for arrivals from mainland China, but the administration’s response since the outbreak has been criticised.
In South Korea, the government has called for “extraordinary” measures to contain the virus, including the creation of a supplementary budget, as cases of the virus jump to 833, with 8 deaths.In South Korea, the government has called for “extraordinary” measures to contain the virus, including the creation of a supplementary budget, as cases of the virus jump to 833, with 8 deaths.
There will be a crackdown on the illegal hoarding of face masks, with officials saying the next 7-10 days will be crucial in containing the outbreak.There will be a crackdown on the illegal hoarding of face masks, with officials saying the next 7-10 days will be crucial in containing the outbreak.
Footage from Daegu, the centre of the outbreak in the country, shows lengthy lines to buy face masks.Footage from Daegu, the centre of the outbreak in the country, shows lengthy lines to buy face masks.
Stocks are fighting back a bit in Asia Pacific after that ugly start today.Stocks are fighting back a bit in Asia Pacific after that ugly start today.
The Nikkei is off 3.1% compared with more than 4% at the beginning of trading.The Nikkei is off 3.1% compared with more than 4% at the beginning of trading.
In Australia, the ASX200 is down 1.6% after falling 2.4% earlier. The Australian dollar is clinging on around 11-year lows of US66.15c.In Australia, the ASX200 is down 1.6% after falling 2.4% earlier. The Australian dollar is clinging on around 11-year lows of US66.15c.
Here’s my colleague Ben Butler with another update:Here’s my colleague Ben Butler with another update:
Let’s have a look at how today’s numbers compare with previous days ... I have added the past few days statistics below, but today’s announced deaths are less than half of Monday’s (71 compared to 150).Let’s have a look at how today’s numbers compare with previous days ... I have added the past few days statistics below, but today’s announced deaths are less than half of Monday’s (71 compared to 150).
This seems to confirm WHO chief’s comments that the epidemic has“peaked” inside China.This seems to confirm WHO chief’s comments that the epidemic has“peaked” inside China.
Tuesday 25 February: 71 deaths, 508 new casesTuesday 25 February: 71 deaths, 508 new cases
Monday 24 February: 150 deaths, 409 new casesMonday 24 February: 150 deaths, 409 new cases
Sunday 23 February: 97 deaths, 648 new casesSunday 23 February: 97 deaths, 648 new cases
Saturday 22 February: 109 deaths, 397 new casesSaturday 22 February: 109 deaths, 397 new cases
Friday 21 February: 118 deaths, 889 new casesFriday 21 February: 118 deaths, 889 new cases
Thursday 20 February: 114 deaths, 394 cases (China stopped counting clinically diagnosed cases this day as confirmed cases and instead counted only cases that had tested positive)Thursday 20 February: 114 deaths, 394 cases (China stopped counting clinically diagnosed cases this day as confirmed cases and instead counted only cases that had tested positive)
Wednesday 19 February: 136 deaths, 1,749 new casesWednesday 19 February: 136 deaths, 1,749 new cases
Tuesday 18 February: 98 deaths, 1097 new casesTuesday 18 February: 98 deaths, 1097 new cases
Monday 17 February: 105 deaths, 2,048 new casesMonday 17 February: 105 deaths, 2,048 new cases
Sunday 16 February: 142 deaths, 2,009 new casesSunday 16 February: 142 deaths, 2,009 new cases
Saturday 15 February: 143 deaths, 2,641 new casesSaturday 15 February: 143 deaths, 2,641 new cases
Friday 14 February: 121 deaths, 5,090 new casesFriday 14 February: 121 deaths, 5,090 new cases
Thursday 13 February: 254 deaths, 15,152 new cases (On this day China began including cases diagnosed by doctors and scans in addition to patients who had tested positive to virus).Thursday 13 February: 254 deaths, 15,152 new cases (On this day China began including cases diagnosed by doctors and scans in addition to patients who had tested positive to virus).