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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 updates Concerns mount that the spread of Covid-19 cannot be stopped as South Korean cases jump over 830, with 8 deaths. Follow latest news
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. 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.
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.
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.
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).
This seems to confirm WHO chief’s comments that the epidemic has“peaked” inside China.
Tuesday 25 February: 71 deaths, 508 new cases
Monday 24 February: 150 deaths, 409 new cases
Sunday 23 February: 97 deaths, 648 new cases
Saturday 22 February: 109 deaths, 397 new cases
Friday 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)
Wednesday 19 February: 136 deaths, 1,749 new cases
Tuesday 18 February: 98 deaths, 1097 new cases
Monday 17 February: 105 deaths, 2,048 new cases
Sunday 16 February: 142 deaths, 2,009 new cases
Saturday 15 February: 143 deaths, 2,641 new cases
Friday 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).
The White House is preparing an urgent request for $2.5bn in funds from Congress to address the deadly coronavirus outbreak. 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.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.”“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.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: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)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)508 new cases (499 in Hubei, of which 464 in Wuhan)
530 suspected new cases530 suspected new cases
2,589 new cases recovered and discharged2,589 new cases recovered and discharged
This means cumulatively, there have been 77,658 confirmed cases and 2,663 deaths.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.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.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.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.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 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.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.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.