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Coronavirus live updates: Trump puts Mike Pence in charge of US response, says risk to Americans 'very low' Coronavirus live updates: Trump puts Mike Pence in charge of US response, says risk to Americans 'very low'
(32 minutes later)
Saudi Arabia bans religious tourists from entering country as WHO says virus now spreading faster outside China than in it. Follow live updatesSaudi Arabia bans religious tourists from entering country as WHO says virus now spreading faster outside China than in it. Follow live updates
Losses are mounting on Asian stock markets on Thursday morning.
The Nikkei is now down 1.65% in Tokyo while Seoul has dropped 0.6% in the wake of those grim new Covid-19 case numbers from South Korea. In Sydney the ASX200 is off 0.77%.
Hong Kong has just opened is down 0.63%. The Shanghai Composite is down 0.8% in the first few minutes of trade.
More weak signals from the commodities markets in China where oil and iron ore futures are falling again. The latter is especially bad news for Australia because iron ore is the country’s biggest export.
Chinese health authorities have released their figures for the virus’s spread and impact on Wednesday, recording another consecutive drop in both the number of new cases and the number of deaths.
By the end of Wednesday, mainland China reported 433 new confirmed cases, and 29 deaths, according to figures from the National Health Commission.
409 of the new cases and 26 of the deaths were in Hubei, the province at the centre of the outbreak. The Hubei city of Wuhan was the site of 383 of the cases and 19 of the deaths).
The commission reported 508 new suspected cases across mainland China, bringing that total number to 2,358.
The country has reported a total of 78,497 confirmed cases since the known start of the outbreak.
There were no new reported cases in Hong Kong, Taiwan and Macau.
There’s a blizzard of economic news and comment on coronavirus including Moody’s revising downwards its forecast for car sales around the world from a drop of 0.9% to -2.5%.
The rating agency says the outbreak “reduces demand and disrupts automotive supply chains”.
On the general market situation, Michael McCarthy, chief market strategist, CMC Markets and Stockbroking in Sydney, says the virus issue remains “at the heart of market concerns”.
Stocks are still struggling but he rings the alarm on an apparent freeze in lending:
In Australia, BIS Oxford Economics have said that weak capex figures for the fourth quarter released on Thursday morning makes it more likely that the Reserve Bank will have to reduce rates or introduce some kind of monetary easing.
South Korea’s centre for disease control has reported a further 334 new cases of Covid-19, bringing the total to 1,595 in the worst outbreaks outside of mainland China.South Korea’s centre for disease control has reported a further 334 new cases of Covid-19, bringing the total to 1,595 in the worst outbreaks outside of mainland China.
307 of the new cases are in Daegu, where the church at the centre of the country’s outbreak is located.307 of the new cases are in Daegu, where the church at the centre of the country’s outbreak is located.
As flagged earlier this week, South Korea and the US have also decided to indefinitely postpone joint military drills.As flagged earlier this week, South Korea and the US have also decided to indefinitely postpone joint military drills.
From Reuters:From Reuters:
Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.
The institutions’ 17-19 April Spring Meetings are scheduled to bring some 10,000 government officials, journalists, business people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters.The institutions’ 17-19 April Spring Meetings are scheduled to bring some 10,000 government officials, journalists, business people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters.
The virus’ spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem.The virus’ spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem.
Officials from both institutions and member governments said that talk of canceling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks.Officials from both institutions and member governments said that talk of canceling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks.
Options include scaling back the number of meetings, canceling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold “virtual” meetings by teleconference, and the institutions could still proceed with full-fledged meetings.Options include scaling back the number of meetings, canceling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold “virtual” meetings by teleconference, and the institutions could still proceed with full-fledged meetings.
OK, that marathon press conference from president Trump is finished. There were some mixed messages. Here’s a quick summary of what we were told, and you can read our full report from Amanda Holpuch here.OK, that marathon press conference from president Trump is finished. There were some mixed messages. Here’s a quick summary of what we were told, and you can read our full report from Amanda Holpuch here.
Vice-president Mike Pence will lead and coordinate the US’s response to the coronavirus.Vice-president Mike Pence will lead and coordinate the US’s response to the coronavirus.
Trump said the risk to Americans is “very low” but that plans are in place for a spread of the virus, which he doesn’t think is inevitable.Trump said the risk to Americans is “very low” but that plans are in place for a spread of the virus, which he doesn’t think is inevitable.
Anne Schuchat, deputy director of the US CDC said authorities should “dust off” their pandemic preparedness plans. “The trajectory of what we are looking at over the weeks and months ahead is very uncertain.”Anne Schuchat, deputy director of the US CDC said authorities should “dust off” their pandemic preparedness plans. “The trajectory of what we are looking at over the weeks and months ahead is very uncertain.”
Secretary of health and human services, Alex Azar, says “we can expect to see more cases in the US”, and while containment is working, “the degree of risk can change quickly”.Secretary of health and human services, Alex Azar, says “we can expect to see more cases in the US”, and while containment is working, “the degree of risk can change quickly”.
15 cases of coronavirus in the US, as well as three cases from Americans repatriated from Wuhan and 42 from the Diamond Princess cruise ship.15 cases of coronavirus in the US, as well as three cases from Americans repatriated from Wuhan and 42 from the Diamond Princess cruise ship.
Trump says of the 15, eight have returned home, five have fully recovered, one is in hospital, and one is about to go home.Trump says of the 15, eight have returned home, five have fully recovered, one is in hospital, and one is about to go home.
Trump defended the low testing rate in the US (fewer than 500 so far).Trump defended the low testing rate in the US (fewer than 500 so far).
Trump said the illness was “like the flu”, except with far fewer deaths, and people just need to exercise usual hygiene measures like washing their hands. “We’ll essentially have a flu shot for this in a very quick manner.”Trump said the illness was “like the flu”, except with far fewer deaths, and people just need to exercise usual hygiene measures like washing their hands. “We’ll essentially have a flu shot for this in a very quick manner.”
The National Institute of Health said a vaccine is at least 12-18 months away, so will not help this current outbreak, but may assist a seasonal return. The answer right now is containment.The National Institute of Health said a vaccine is at least 12-18 months away, so will not help this current outbreak, but may assist a seasonal return. The answer right now is containment.
Trump said “it’s not the right time” to extend travel restrictions to other affected countries like Italy and South Korea.Trump said “it’s not the right time” to extend travel restrictions to other affected countries like Italy and South Korea.
Stocks markets in Asia Pacific have slumped again – not helped by Donald Trump’s mixed messages on the virus just now.Stocks markets in Asia Pacific have slumped again – not helped by Donald Trump’s mixed messages on the virus just now.
The ASX200 in Sydney dropped 0.5% when Trump was speaking. It had started the day flat after three straight days of losses.The ASX200 in Sydney dropped 0.5% when Trump was speaking. It had started the day flat after three straight days of losses.
The S&P500 E-mini futures also dropped 0.3% when the president spoke.The S&P500 E-mini futures also dropped 0.3% when the president spoke.
In Tokyo, the Nikkei is down 1.1% and in Seoul the Kospi is up 0.17%.In Tokyo, the Nikkei is down 1.1% and in Seoul the Kospi is up 0.17%.
Trump defends past comments, an example of which is below, criticising Obama for appointing non-medical health czars.Trump defends past comments, an example of which is below, criticising Obama for appointing non-medical health czars.
He says it’s different because Ebola was much worse and more fatal, and this is like the flu.He says it’s different because Ebola was much worse and more fatal, and this is like the flu.
He defends not appointing Azar to run point on the US’s response, saying he wants Azar to focus on his complicated work, and that Pence will work closely with Azar.He defends not appointing Azar to run point on the US’s response, saying he wants Azar to focus on his complicated work, and that Pence will work closely with Azar.
“I don’t want to spare the horses, I have very talented people and I want to use them.”“I don’t want to spare the horses, I have very talented people and I want to use them.”
Trump has been rambling a bit, blaming the federal reserve, Boeing, General Motors, and Obama, for drops in the US market.Trump has been rambling a bit, blaming the federal reserve, Boeing, General Motors, and Obama, for drops in the US market.
Q: Are you telling Americans, apart from the ones who are sick, not to change any of their behaviours?Q: Are you telling Americans, apart from the ones who are sick, not to change any of their behaviours?
A: No, you should wash your hands, you don’t have to grab every handrail, he says. Treat it like the flu. Then he tells an anecdote about a man who came up to him to say hello, and hugged Trump, and then said he was very ill, so Trump extricated himself.A: No, you should wash your hands, you don’t have to grab every handrail, he says. Treat it like the flu. Then he tells an anecdote about a man who came up to him to say hello, and hugged Trump, and then said he was very ill, so Trump extricated himself.
~~~~~~
Q: In the course of the last few minutes you have disputed what some of the health officials standing behind you have said. Don’t you trust them?Q: In the course of the last few minutes you have disputed what some of the health officials standing behind you have said. Don’t you trust them?
A: I haven’t disputed them. “I don’t think it’s inevitable” that there will be further outbreaks.A: I haven’t disputed them. “I don’t think it’s inevitable” that there will be further outbreaks.
“There’s a chance it could get worse, a chance it could get fairly substantially worse, but I don’t think it’s inevitable.”“There’s a chance it could get worse, a chance it could get fairly substantially worse, but I don’t think it’s inevitable.”
Italy now has 447 cases of coronavirus, according to a new report by Associated Press.Italy now has 447 cases of coronavirus, according to a new report by Associated Press.
Italian Premier Giuseppe Conte’s government appealed to European neighbours for cooperation, not isolation and discrimination. Twelve people have died amid the country’s struggle to contain the rapidly spreading outbreak.Italian Premier Giuseppe Conte’s government appealed to European neighbours for cooperation, not isolation and discrimination. Twelve people have died amid the country’s struggle to contain the rapidly spreading outbreak.
Q: The administration has tested less than 500 people, which has been questioned by health officials, as other countries test thousands. Will the US increase its testing?
Trump: “We’re testing everybody that we need to test and finding very little problem. You treat this like the flu,” he says, telling people to wash hands.
“We’ll essentially have a flu shot for this in a very quick manner.”
(That vaccine, if successful, is at least 12-18 months away.)
“There’s no reason to be panicked,” he says, returning again to those numbers of flu deaths.
“This is a little different... but we have it so well under control and we really have done a very good job.”
Asked if financial markets are overreacting, Trump skirts the well-documented impact of the coronavirus on markets around the world:
“I think financial markets are very upset when they look at Democrat candidates standing on that stage making fools of themselves...I think that has a huge effect.”
Meanwhile, the Washington Post is reporting the first case of Covid-19 in the US in a person who has not recently returned from a foreign country or have contact with another confirmed case.
We haven’t independently confirmed this.
Trump urges people to travel within the US instead of overseas, because of the virus but also because the US is the greatest tourism destination in the world, and then says that even the 15 cases they now have will “in a couple of days be close to zero”.
Are there plans prepared for quarantining cities like in Wuhan?
There are plans for a large scale response, he says. “We don’t think we’ll need it but you always have to be prepared.”
Trump is being asked about whether the travel ban they placed on people from China would now extend to other countries with outbreaks, like South Korea.
“At a right time we may do it. At the moment it’s not the right time. We are checking people as they come through.”
Now he’s asked about why everyone was downplaying the severity of the situation and the need for a czar to be put in charge of the response, only to now announce Pence.
He says Pence is in the administration so it’s not a czar position, and that he’ll be coordinating the response and that Indiana (Pence’s state) has a great health system.
(Here’s one reaction to that)
Dr Anthony Fauci, national institutes of health, is updating reporters about a vaccine.
“I told you we would have a vaccine that we’d be putting in to trials to see if it was safe... in about three months... I think it’s going to be closer to two months.”
Testing would then take six months, before a trial to determine efficacy.
“At the earliest an efficacy trial would take an addition six to eight months.”
So despite the speed of development, it would take up to 18 months before a vaccine was available.
“We can’t rely on a vaccine over the next several months to a year.”
The answer right now is containment, although a vaccine could help down the track if the virus made a season return.
Anne Schuchat, deputy director at US centers for disease control and prevention, is up now, and urges authorities and organisations to dust off their pandemic preparedness plans.
“It’s a good time for the American public to prepare.”
She urges people to take the basic steps of hygiene - wash hands, cover mouth when sneezing, stay home when sick.
“The trajectory of what we are looking at over the weeks and months ahead is very uncertain.”
Alex Azar, health and human services secretary is up now.
He too opens by praising Trump and Pence.
Then confirms there are 15 cases of Covid-19, as well as three cases from Americans repatriated from Wuhan, and 42 who were repatriated from the Diamond Princess.
The early actions taken by the Trump administration were “appropriate, wise and well calibrated” to the situation.
“This has helped us contain the spread of the virus,” he says.
Because of Trump’s leadership, the risk to the US population is low, he says.
But then he changes tack, and adds that “we can expect to see more cases in the United States”.
“Our containment strategy has been working but the degree of risk can change quickly.”
He urges people and employers to “refresh themselves” about what they could do in the event the situation changes. Trump appears to want to say something behind him but then stops.
They will be “aggressively transparent” with the American people, Azar says.
Pence says he’s met with state leaders and health authorities and “we’ll be working with them in renewed ways to make sure they have the resources they need to respond” and there will be additional roles created at the White House.
Pence praises Trump’s leadership.
“While the threat to the American public remains low... you have directed this team to take all steps necessary to ensure the health and wellbeing of the American people.”