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Live updates: Coronavirus fears push Asian markets lower as outbreak spreads Live updates: Coronavirus fears push Asian markets lower as outbreak spreads
(32 minutes later)
Asian financial markets extended losses Wednesday as the economic costs of the coronavirus outbreak spooked investors, though stocks for the most part avoided a repeat of the turmoil on Wall Street, where the Dow Jones industrial average posted its largest two-day percentage decline in two years. Asian financial markets lost ground Wednesday as the economic costs of the coronavirus outbreak spooked investors, though stocks for the most part avoided a repeat of the turmoil on Wall Street, where the Dow Jones industrial average posted its largest two-day percentage decline in two years.
Comparatively, losses on the main indexes in Tokyo (down 1 percent) and Hong Kong (down 0.8 percent) were modest, and expectations of output cuts bolstered oil futures. U.S. stock futures were also higher. But there was little sign that the epidemic was relenting, after the Centers for Disease Control and Prevention warned of the “inevitable” spread of the coronavirus in the United States. Comparatively, losses on the main indexes in Tokyo and Hong Kong (each down 0.8 percent) were modest, and expectations of output cuts bolstered oil prices. U.S. stock futures were also higher. But there was little sign that the epidemic was relenting, after the Centers for Disease Control and Prevention warned of the “inevitable” spread of the coronavirus in the United States.
Although China announced a decline in new confirmed cases on Wednesday, numbers soared in South Korea to over 1,000 in total, with more widely expected in the coming days as the state attempts to test 200,000 people, and as cases continued to be discovered in Europe and the Middle East.Although China announced a decline in new confirmed cases on Wednesday, numbers soared in South Korea to over 1,000 in total, with more widely expected in the coming days as the state attempts to test 200,000 people, and as cases continued to be discovered in Europe and the Middle East.
Here are the latest developments:Here are the latest developments:
● Stocks were down Tuesday in Japan and Hong Kong, the major financial centers of Asia, with both the Nikkei 225 and the Hang Seng indexes registering modest drops. This comes after the Dow Jones industrial average dropped 879 points Monday, worrying the Trump administration. ● Stocks were down Tuesday in most Asian financial centers, with both the Nikkei 225 and the Hang Seng indexes registering modest drops. This comes after the Dow Jones industrial average dropped 879 points Monday, worrying the Trump administration.
● Official numbers released by the Chinese government showed a decline in the number of new cases in mainland China, with 406 additional cases reported Wednesday morning, along with 52 deaths. All but five of the new cases and all of the new deaths were in Hubei province.● Official numbers released by the Chinese government showed a decline in the number of new cases in mainland China, with 406 additional cases reported Wednesday morning, along with 52 deaths. All but five of the new cases and all of the new deaths were in Hubei province.
● South Korea reported 169 additional cases of the coronavirus on Wednesday, bringing up the national tally to 1,146. That number is widely expected to rise in coming days as the country begins the mass testing of more than 200,000 members of a messianic religious movement at the center of an outbreak in the city of Daegu.● South Korea reported 169 additional cases of the coronavirus on Wednesday, bringing up the national tally to 1,146. That number is widely expected to rise in coming days as the country begins the mass testing of more than 200,000 members of a messianic religious movement at the center of an outbreak in the city of Daegu.
● Hong Kong, already battered by months of political turmoil, announced handouts of about $1,280 to many residents in an effort to counter the outbreak’s economic toll. The city also said its economy shrank by 1.2 percent last year, the first annual decline since 2009.● Hong Kong, already battered by months of political turmoil, announced handouts of about $1,280 to many residents in an effort to counter the outbreak’s economic toll. The city also said its economy shrank by 1.2 percent last year, the first annual decline since 2009.
BEIJING — After a surge in coronavirus cases in South Korea and Japan, the northeastern Chinese city of Dalian on Wednesday announced a 14-day quarantine on all arrivals.
The move, which came a day after nearby Qingdao and Weihai imposed similar measures, shows how many in China are now less worried about the domestic spread of the novel coronavirus and more worried about it coming from abroad. Chinese social media users had appealed on local governments to protect China’s northeastern regions, which are home to a substantial number of Korean and Japanese expatriates and businesses.
“Please put those who return from overseas under centralized quarantine and keep our current promising situation,” wrote one user on Weibo, China’s Twitter-like social network.
Another user also subscribed to the government resolution:”We cannot lose hold of our port of entry now, and we have to be restrict with the 14-day quarantine!”
Topics about South Korea’s coronavirus outbreak were among the most serached on Weibo on Wednesday, with many users expressing shock and concern for their neighbors.
“It wouldn’t be like this if only they copied our earlier method,” wrote one user who noted that South Korea’s numbers were growing too fast. South Korea, a democracy, has declined to mimic China’s approach of placing entire cities or regions under forced lockdown.
Chinese Internet users also discussed whether the Tokyo Olympics, due to be held this summer, would go ahead. “This is unfair to athletes,” one user complained.
Despite the large number of cases of novel coronavirus across China, outside of Hubei province many provinces have not announced new cases in several days. Confirmed cases in South Korea have surged passed 1,000 this week, while Japan has had 156 confirmed cases, not including the hundreds who eventually tested positive on the Diamond Princess cruise ship.
MANILA — Over 400 Filipinos who were on board the virus-hit Diamond Princess cruise ship arrived in the Philippines by Wednesday morning in government repatriation operations.
A total of 445 people were brought back on two flights, escorted by a four-member repatriation team and a nine-member health response team. Everyone will undergo two weeks of quarantine at the Athletes’ Village — a former Southeast Asian Games housing facility — in New Clark City, north of Manila.
Eighty out of 538 Filipinos on the Diamond Princess tested positive for the coronavirus. There are at least 70 who are still being treated in hospitals in Japan.
This is the second batch of repatriates since the Philippines brought home returnees from Wuhan, China.
BEIJING — As of Wednesday, 13 Chinese provinces have lowered their emergency response level as they asssess that the threat posed by the novel coronavirus has receded, according to the state-run People’s Daily.
China has a four-tier public health emergency alert levels, with level one the most serious.
All 31 provincial-level regions in China activated a first-level emergency response to contain the spread of the virus by Jan. 29.
Shanxi, Guangdong, Xinjiang, Jiangsu, Sichuan and Anhui have adjusted their measures from level one to level two, while Gansu, Liaoning, Guizhou, Yunnan, Qinghai, Guangxi and Inner Mongolia have dropped theirs to level three.
The moves come as Beijing has tried to compel people in areas unaffected by the coronavirus outbreak to return to normal economic activity, hoping to avoid a prolonged downtown as the crisis drags on.
Though China continues to report hundreds of new coronavirus cases every day, almost all of these cases are in the epicenter of the outbreak, Hubei province, where strict quarnatine requirements have been in place since Jan. 23.
HONG KONG — Asian markets extended losses Wednesday, though the declines were modest compared with those on U.S. markets on Tuesday, when the Dow Jones industrial average dropped 879 points.HONG KONG — Asian markets extended losses Wednesday, though the declines were modest compared with those on U.S. markets on Tuesday, when the Dow Jones industrial average dropped 879 points.
Japan’s Nikkei 225 was down about 1 percent in midafternoon trade, while Hong Kong’s Hang Seng was 0.8 percent lower. Crude oil and U.S. stock futures were slightly higher.Japan’s Nikkei 225 was down about 1 percent in midafternoon trade, while Hong Kong’s Hang Seng was 0.8 percent lower. Crude oil and U.S. stock futures were slightly higher.
The Chinese government announced a series of stimulus measures on Tuesday, encouraging financial institutions to defer loan payments and increase lending for small and medium sized businesses.The Chinese government announced a series of stimulus measures on Tuesday, encouraging financial institutions to defer loan payments and increase lending for small and medium sized businesses.
Hong Kong also announced its own stimulus package on Wednesday, including a payment of over $1,200 to all adult permanent residents.Hong Kong also announced its own stimulus package on Wednesday, including a payment of over $1,200 to all adult permanent residents.
SEOUL — The number of South Korean coronavirus cases is widely expected to jump in coming days, as the country begins the mass testing of more than 200,000 members of a messianic religious movement at the center of an outbreak in the city of Daegu.SEOUL — The number of South Korean coronavirus cases is widely expected to jump in coming days, as the country begins the mass testing of more than 200,000 members of a messianic religious movement at the center of an outbreak in the city of Daegu.
South Korea reported 169 additional cases of the coronavirus on Wednesday, bringing up the national tally to 1,146.South Korea reported 169 additional cases of the coronavirus on Wednesday, bringing up the national tally to 1,146.
Of latest cases, 134 are in southern city of Daegu, according to the Korea Centers for Disease Control and Prevention (KCDC).Of latest cases, 134 are in southern city of Daegu, according to the Korea Centers for Disease Control and Prevention (KCDC).
More than half of South Korea’s covid-19 cases have been traced to a regional branch of the secretive Shincheonji Church of Jesus, formally known as the Temple of the Tabernacle of the Testimony.More than half of South Korea’s covid-19 cases have been traced to a regional branch of the secretive Shincheonji Church of Jesus, formally known as the Temple of the Tabernacle of the Testimony.
Shincheonji members believe leader Lee Man-hee is the second coming of Jesus. The church is widely considered a cult and some members have been accused of hiding from health workers.Shincheonji members believe leader Lee Man-hee is the second coming of Jesus. The church is widely considered a cult and some members have been accused of hiding from health workers.
South Korean President Moon Jae-in visited the virus-hit city with aides on Tuesday. After one of attendees at a Daegu meeting with Moon tested positive for the virus, presidential aides and reporters who attended the meeting have been advised to quarantine themselves, according to South Korea’s state-funded Yonhap News Agency. A spokesman for the President said he could not confirm the media report.South Korean President Moon Jae-in visited the virus-hit city with aides on Tuesday. After one of attendees at a Daegu meeting with Moon tested positive for the virus, presidential aides and reporters who attended the meeting have been advised to quarantine themselves, according to South Korea’s state-funded Yonhap News Agency. A spokesman for the President said he could not confirm the media report.
South Korea’s military said 18 soldiers have been diagnosed with the virus as of Wednesday. Defense Minister Jeong Kyeong-doo told soldiers not to leave their barracks other than for exceptional situations.South Korea’s military said 18 soldiers have been diagnosed with the virus as of Wednesday. Defense Minister Jeong Kyeong-doo told soldiers not to leave their barracks other than for exceptional situations.
HONG KONG — In a bid to stem the financial damage caused by the coronavirus outbreak, Hong Kong’s government has announced a number of measures to aid individuals and firms.HONG KONG — In a bid to stem the financial damage caused by the coronavirus outbreak, Hong Kong’s government has announced a number of measures to aid individuals and firms.
Financial Secretary Paul Chan Mo-po revealed the measures in a speech on Wednesday, announcing that each adult permanent resident in the city would receive a handout of 10,000 Hong Kong dollars, about $1,280.Financial Secretary Paul Chan Mo-po revealed the measures in a speech on Wednesday, announcing that each adult permanent resident in the city would receive a handout of 10,000 Hong Kong dollars, about $1,280.
Other measures included a full guarantee on loans of up to 2 million Hong Kong dollars — more than $250,000 — for small and medium-sized businesses, and government support for commercial utility payments.Other measures included a full guarantee on loans of up to 2 million Hong Kong dollars — more than $250,000 — for small and medium-sized businesses, and government support for commercial utility payments.
Chan warned that the financial outlook for Hong Kong, already rough after the U.S.-China trade war and a police clampdown on pro-democracy protests last year, would be tough in 2020. Hong Kong’s economy contracted by 1.2 percent last year, the first annual decline since 2009, figures showed Wednesday.Chan warned that the financial outlook for Hong Kong, already rough after the U.S.-China trade war and a police clampdown on pro-democracy protests last year, would be tough in 2020. Hong Kong’s economy contracted by 1.2 percent last year, the first annual decline since 2009, figures showed Wednesday.
“Hong Kong has been intensely affected by the profound changes in the international political and economic landscape,” Chan said. “Meanwhile, we had an extraordinary year with the occurrence of local social incidents.”“Hong Kong has been intensely affected by the profound changes in the international political and economic landscape,” Chan said. “Meanwhile, we had an extraordinary year with the occurrence of local social incidents.”
Carrie Lam, Hong Kong’s chief executive, is facing historically low popularity ratings over perceptions that she prioritizes the needs of Beijing and the Chinese Communist Party over those of residents. Authorities are likely hoping that the budget relief package will help quell the deep dissatisfaction and stave off further protests against the government.Carrie Lam, Hong Kong’s chief executive, is facing historically low popularity ratings over perceptions that she prioritizes the needs of Beijing and the Chinese Communist Party over those of residents. Authorities are likely hoping that the budget relief package will help quell the deep dissatisfaction and stave off further protests against the government.
“I believe that given the extraordinary challenges that our community is facing, this is a justifiable and effective measure,” Lam said. “For some people, the cash payout will help to make ends meet in their hour of need.”“I believe that given the extraordinary challenges that our community is facing, this is a justifiable and effective measure,” Lam said. “For some people, the cash payout will help to make ends meet in their hour of need.”
The number of confirmed coronavirus cases in Hong Kong reached 85 on Tuesday, with two known deaths from the outbreak.The number of confirmed coronavirus cases in Hong Kong reached 85 on Tuesday, with two known deaths from the outbreak.
HONG KONG — The Chinese government announced 406 new cases of the novel coronavirus on Wednesday morning, along with 52 deaths. As in line with a recent trend, all but five of the new cases were in Hubei province, the epicenter of the current outbreak; all of the deaths were in Hubei.HONG KONG — The Chinese government announced 406 new cases of the novel coronavirus on Wednesday morning, along with 52 deaths. As in line with a recent trend, all but five of the new cases were in Hubei province, the epicenter of the current outbreak; all of the deaths were in Hubei.
The numbers marked another dip in new cases, though health experts have cautioned against reading too much into the declining numbers, noting both the unpredictability of new outbreaks like this and the Chinese state’s opacity.The numbers marked another dip in new cases, though health experts have cautioned against reading too much into the declining numbers, noting both the unpredictability of new outbreaks like this and the Chinese state’s opacity.
The new numbers mean that mainland China has seen a total of 78,064 infections and 2,715 deaths.The new numbers mean that mainland China has seen a total of 78,064 infections and 2,715 deaths.