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Live updates: Coronavirus pummels Asian financial markets as deadly outbreak rages Live updates: Coronavirus pummels Asian financial markets as deadly outbreak rages
(32 minutes later)
Asian stocks took a heavy hit on Friday, with global markets on track for their worst week since the financial crisis as investors grew increasingly alarmed that a novel coronavirus pandemic could push the world economy into recession.Asian stocks took a heavy hit on Friday, with global markets on track for their worst week since the financial crisis as investors grew increasingly alarmed that a novel coronavirus pandemic could push the world economy into recession.
Tokyo’s Nikkei index was down 4.7 percent in afternoon trading, while Hong Kong’s Hang Seng slumped 2.6 percent. The Shanghai Composite Index also fell, reversing a positive trend for Chinese stocks that had accompanied indications that the outbreak may be slowing in the country where it originated. Tokyo’s Nikkei index and Hong Kong’s Hang Seng both slumped. The Shanghai Composite Index also fell, reversing a positive trend for Chinese stocks that had accompanied indications that the outbreak may be slowing in the country where it originated.
New cases of the virus continued to surge outside of China, which on Friday announced 327 new cases and 44 deaths. South Korea’s tally surpassed 2,000, while countries from New Zealand to Belarus confirmed their first cases, among almost 50 nations now afflicted, as governments respond with measures such as school closures and event cancellations. A day earlier, infections soared in Europe and the Middle East, while the first known case in sub-Saharan Africa was confirmed in Nigeria.New cases of the virus continued to surge outside of China, which on Friday announced 327 new cases and 44 deaths. South Korea’s tally surpassed 2,000, while countries from New Zealand to Belarus confirmed their first cases, among almost 50 nations now afflicted, as governments respond with measures such as school closures and event cancellations. A day earlier, infections soared in Europe and the Middle East, while the first known case in sub-Saharan Africa was confirmed in Nigeria.
Investors have watched the outbreak’s progress with increasing concern, dumping risk assets and piling into havens such as gold and U.S. Treasury bonds. U.S. oil prices slipped more than 3 percent, raising expectations that producing nations will cut output after meeting next week. Investors have watched the outbreak’s progress with increasing concern, dumping risk assets and piling into havens such as U.S. Treasury bonds. U.S. oil futures
slipped more than 3 percent, raising expectations that producing nations will cut output after meeting next week.
Here are the latest developments:Here are the latest developments:
Mapping the spread of the coronavirus | What we know about the virus | How to prepare for coronavirus in the U.S. (Spoiler: Not sick? No need to wear a mask.)Mapping the spread of the coronavirus | What we know about the virus | How to prepare for coronavirus in the U.S. (Spoiler: Not sick? No need to wear a mask.)
Asian stocks extended their losses on Friday amid continued concern about the spread of the novel coronavirus outbreak, with Japan’s Nikkei down over 1,000 points, or 4.6 percent, by midafternoon before recovering a little.
Substantial falls were also recorded on Hong Kong’s Hang Seng index, which dropped 2.8 percent; China’s Shanghai Composite index, which fell 3.4 percent; and India’s BSE Sensex, which fell 2.7 percent. Australia’s S&P/ASX 200 ended the day down 3.3 per cent as the country’s commodity-linked currency, closely tied to China’s economy, fell to its weakest level against the U.S. dollar since 2009. U.S. stock futures were down about 1.8 percent.
The moves came the day after a record fall on Wall Street, with the Dow Jones industrial index losing 1,200 points and all major indexes in correction territory, down more than 10 percent from market highs.
Fears about the outbreak "have become full-blown across the globe as cases outside China climb,” market analysts Chang Wei Liang and Eugene Leow of DBS said in a report.
There is widespread speculation that the turmoil may prompt the Federal Reserve to cut interest rates. “With financial conditions deteriorating rapidly and downside risks to the economy materializing, we suspect that the Fed may have to act sooner than anticipated,” Chang and Leow wrote.
Oil prices also fell sharply, with U.S. crude futures down over 3 percent to $45.50. Market participants say oil-producing nations appear likely to agree to slash output when officials from the Organization of Petroleum Exporting Countries meet in Vienna next week.
TOKYO – The Disney theme parks in Tokyo will close until March 15, its operators said Friday, the latest in a long line of events and attractions that have fallen victim to the new coronavirus.TOKYO – The Disney theme parks in Tokyo will close until March 15, its operators said Friday, the latest in a long line of events and attractions that have fallen victim to the new coronavirus.
Already a whole host of sporting events and pop concerts have been canceled or postponed and museums have shut their doors on government advice for organizers to reconsider anything that involves large public gatherings for at least the next two weeks.Already a whole host of sporting events and pop concerts have been canceled or postponed and museums have shut their doors on government advice for organizers to reconsider anything that involves large public gatherings for at least the next two weeks.
Tokyo Disneyland and Tokyo DisneySea will close from Saturday, but the reopening date could change depending on further advice, the operator said, according to public broadcaster NHK.Tokyo Disneyland and Tokyo DisneySea will close from Saturday, but the reopening date could change depending on further advice, the operator said, according to public broadcaster NHK.
On Thursday, Japanese Prime Minister Shinzo Abe asked schools around the country to close until the start of the new school year in April. And on Friday, Japan’s infrastructure minister said public works projects would be suspended until March 15 to prevent the further spread of the new illness. Kazuyoshi Akaba said the state will shoulder costs incurred during the suspension period, NHK reported.On Thursday, Japanese Prime Minister Shinzo Abe asked schools around the country to close until the start of the new school year in April. And on Friday, Japan’s infrastructure minister said public works projects would be suspended until March 15 to prevent the further spread of the new illness. Kazuyoshi Akaba said the state will shoulder costs incurred during the suspension period, NHK reported.
TOKYO — Tokyo 2020 Olympics organizers will announce “at some point” next week how they are planning to a hold the torch relay amid the coronavirus outbreak, the spokesman for the organizing committee said Friday, according to Reuters.TOKYO — Tokyo 2020 Olympics organizers will announce “at some point” next week how they are planning to a hold the torch relay amid the coronavirus outbreak, the spokesman for the organizing committee said Friday, according to Reuters.
On Wednesday, the chief executive of the organizing committee said the Olympic torch relay, due to start in Fukushima prefecture on March 26, could be scaled back or downsized to prevent the spread of the new coronavirus.On Wednesday, the chief executive of the organizing committee said the Olympic torch relay, due to start in Fukushima prefecture on March 26, could be scaled back or downsized to prevent the spread of the new coronavirus.
“Bringing spectators together in large numbers increases the risk of infection. Downsizing is among the approaches we can consider,” CEO Toshiro Muto told reporters. Muto, however, rejected any suggestion that the relay might be canceled, Kyodo reported.“Bringing spectators together in large numbers increases the risk of infection. Downsizing is among the approaches we can consider,” CEO Toshiro Muto told reporters. Muto, however, rejected any suggestion that the relay might be canceled, Kyodo reported.
On Thursday, International Olympic Committee President Thomas Bach said the IOC is fully committed to ensuring the Games go ahead on schedule.On Thursday, International Olympic Committee President Thomas Bach said the IOC is fully committed to ensuring the Games go ahead on schedule.
From the United States to Italy, Iran to South Korea, the coronavirus epidemic is getting worse. The virus spread to its sixth continent this week and continued to send markets whipsawing, with the Dow set for its worst single week since the financial crash of 2008. Governments have issued new rounds of travel bans: Saudi Arabia said Thursday it would temporarily suspend travel to the holiest sites in Islam, months ahead of the annual hajj pilgrimage. The number of cases in South Korea rose to 2,022 on Friday, the highest figure for a single country outside China. Japan announced the closures of all of its schools until early April. And Coca-Cola, along with other multinational companies, said outbreak-linked supply chain disruptions could lead to shortages.From the United States to Italy, Iran to South Korea, the coronavirus epidemic is getting worse. The virus spread to its sixth continent this week and continued to send markets whipsawing, with the Dow set for its worst single week since the financial crash of 2008. Governments have issued new rounds of travel bans: Saudi Arabia said Thursday it would temporarily suspend travel to the holiest sites in Islam, months ahead of the annual hajj pilgrimage. The number of cases in South Korea rose to 2,022 on Friday, the highest figure for a single country outside China. Japan announced the closures of all of its schools until early April. And Coca-Cola, along with other multinational companies, said outbreak-linked supply chain disruptions could lead to shortages.
“There is every indication that the world will soon enter a pandemic phase,” Australian Prime Minister Scott Morrison, whose country has confirmed at least 23 cases of coronavirus, told reporters in Canberra. The emergence of a new sort of coronavirus case in the United States, unrelated to foreign travel or contact with someone already known to be infected, suggested the virus had defied efforts to contain it. President Trump attempted to play down the scale of the threat, even as U.S. officials warned Americans to prepare for a crisis.“There is every indication that the world will soon enter a pandemic phase,” Australian Prime Minister Scott Morrison, whose country has confirmed at least 23 cases of coronavirus, told reporters in Canberra. The emergence of a new sort of coronavirus case in the United States, unrelated to foreign travel or contact with someone already known to be infected, suggested the virus had defied efforts to contain it. President Trump attempted to play down the scale of the threat, even as U.S. officials warned Americans to prepare for a crisis.
Europe is feeling the jitters, too. So far, the largest cluster of cases on the continent has been in northern Italy. “If the virus spreads, and it will spread, I think any local or national politician would have to take very drastic action, and that will virtually halt the economy,” Roberto Perotti, an economist at Milan’s Bocconi University, told my colleagues. “For how long, we don’t know. Can you imagine a [car] factory if there is one case in the factory? Can you imagine it not shutting down? I doubt it.”Europe is feeling the jitters, too. So far, the largest cluster of cases on the continent has been in northern Italy. “If the virus spreads, and it will spread, I think any local or national politician would have to take very drastic action, and that will virtually halt the economy,” Roberto Perotti, an economist at Milan’s Bocconi University, told my colleagues. “For how long, we don’t know. Can you imagine a [car] factory if there is one case in the factory? Can you imagine it not shutting down? I doubt it.”
Read more from Today’s WorldView newsletterRead more from Today’s WorldView newsletter
New Zealand’s Prime Minister Jacinda Ardern said Friday that the country has recorded its first case of the novel coronavirus, adding that officials were rolling out a plan to cope with a pandemic.New Zealand’s Prime Minister Jacinda Ardern said Friday that the country has recorded its first case of the novel coronavirus, adding that officials were rolling out a plan to cope with a pandemic.
“A pandemic plan always exists in New Zealand. We’ve been well prepared," Ardern said during a visit to Sydney. "We are rolling out all of the protocols as we would expect.”“A pandemic plan always exists in New Zealand. We’ve been well prepared," Ardern said during a visit to Sydney. "We are rolling out all of the protocols as we would expect.”
The patient, aged in their 60s, had returned from a trip to Iran on Wednesday, New Zealand’s Health Ministry said in a statement. The person displayed symptoms and was taken by family members to Auckland City Hospital on Thursday, where they were tested three times for coronavirus.The patient, aged in their 60s, had returned from a trip to Iran on Wednesday, New Zealand’s Health Ministry said in a statement. The person displayed symptoms and was taken by family members to Auckland City Hospital on Thursday, where they were tested three times for coronavirus.
Though two tests came back negative, a third used a more specific sample and came back positive, the Health Ministry statement said.Though two tests came back negative, a third used a more specific sample and came back positive, the Health Ministry statement said.
The person is being held in isolation at the hospital and their immediate contacts are also being put in isolation. New Zealand’s government is now seeking anyone who was on the final leg of the person’s return journey, from Bali to Auckland.The person is being held in isolation at the hospital and their immediate contacts are also being put in isolation. New Zealand’s government is now seeking anyone who was on the final leg of the person’s return journey, from Bali to Auckland.
At a news conference Friday, Health Minister David Clark said travelers coming from Iran would face temporary restrictions. He added that New Zealand would not allow exemptions for overseas students from China to enter the country.At a news conference Friday, Health Minister David Clark said travelers coming from Iran would face temporary restrictions. He added that New Zealand would not allow exemptions for overseas students from China to enter the country.
At least 48 countries have confirmed cases of the novel coronavirus.At least 48 countries have confirmed cases of the novel coronavirus.
SEOUL — South Korea is taking steps to reassure foreigners about its safety, as the number of novel coronavirus cases in the country surged past 2,000.SEOUL — South Korea is taking steps to reassure foreigners about its safety, as the number of novel coronavirus cases in the country surged past 2,000.
On Friday, the country held its first English-language briefing on the outbreak. The same day, Korean Air announced that it would check the temperature of passengers traveling to the United States and refuse travel to any who had a fever.On Friday, the country held its first English-language briefing on the outbreak. The same day, Korean Air announced that it would check the temperature of passengers traveling to the United States and refuse travel to any who had a fever.
The country reported 256 additional cases of novel coronavirus on Friday, bringing its total to 2,022. The jump was expected as health authorities have expanded coronavirus testing in recent days.The country reported 256 additional cases of novel coronavirus on Friday, bringing its total to 2,022. The jump was expected as health authorities have expanded coronavirus testing in recent days.
More than 12,000 people had been tested since the previous day, according to the Korea Centers for Disease Control and Prevention, which added that more than two-thirds of the latest cases were in southern city of Daegu.More than 12,000 people had been tested since the previous day, according to the Korea Centers for Disease Control and Prevention, which added that more than two-thirds of the latest cases were in southern city of Daegu.
South Korea’s government has designated Daegu city and surrounding North Gyeongsang province as “special care zones” where virus support will be concentrated. All but one of South Korea’s 13 coronavirus deaths were in Daegu and North Gyeongsang.South Korea’s government has designated Daegu city and surrounding North Gyeongsang province as “special care zones” where virus support will be concentrated. All but one of South Korea’s 13 coronavirus deaths were in Daegu and North Gyeongsang.
Oh Myoung-don of Seoul National University, who leads a panel of South Korean experts on the infectious disease, told a briefing Wednesday that the infection in the country could continue growing for another month.Oh Myoung-don of Seoul National University, who leads a panel of South Korean experts on the infectious disease, told a briefing Wednesday that the infection in the country could continue growing for another month.
More than 50 countries have banned or restricted entry of visitors from South Korea as of Friday.More than 50 countries have banned or restricted entry of visitors from South Korea as of Friday.
Five Chinese provinces have mandated 14 days of quarantine for people arriving from South Korea, according to data compiled by Seoul’s Foreign Ministry.Five Chinese provinces have mandated 14 days of quarantine for people arriving from South Korea, according to data compiled by Seoul’s Foreign Ministry.
Taylor reported from Hong KongTaylor reported from Hong Kong
HONG KONG — China’s National Health Commission said Friday that there had been 327 new confirmed infections from the novel coronavirus outbreak throughout the country, along with 44 deaths.HONG KONG — China’s National Health Commission said Friday that there had been 327 new confirmed infections from the novel coronavirus outbreak throughout the country, along with 44 deaths.
In total, China has reported 78,824 confirmed cases and 2,788 deaths in the mainland since the outbreak started.In total, China has reported 78,824 confirmed cases and 2,788 deaths in the mainland since the outbreak started.
The number released Friday showed, again, a decline in the number of new cases in China. Most of the new cases, 318, were found in Hubei province, the epicenter of the outbreak. Forty-one deaths were recorded in Hubei, along with two in Beijing and one in Xinjiang.The number released Friday showed, again, a decline in the number of new cases in China. Most of the new cases, 318, were found in Hubei province, the epicenter of the outbreak. Forty-one deaths were recorded in Hubei, along with two in Beijing and one in Xinjiang.
Some Chinese officials have suggested that the declining numbers show China has gotten the outbreak under control, despite international skepticism about the reliability of official statistics in the autocratic society and uncertainty about the nature of the novel coronavirus.Some Chinese officials have suggested that the declining numbers show China has gotten the outbreak under control, despite international skepticism about the reliability of official statistics in the autocratic society and uncertainty about the nature of the novel coronavirus.
Prominent Chinese pulmonologist Zhong Nanshan told reporters Thursday he believed China could “basically control” the coronavirus by the end of April and questioned whether the pathogen originated from China at all.Prominent Chinese pulmonologist Zhong Nanshan told reporters Thursday he believed China could “basically control” the coronavirus by the end of April and questioned whether the pathogen originated from China at all.
“Foreign countries should consider China’s model of early detection, early quarantine,” Zhong said. “This is humanity’s disease, not China’s disease.”“Foreign countries should consider China’s model of early detection, early quarantine,” Zhong said. “This is humanity’s disease, not China’s disease.”
Lyric Li and Gerry Shih in Beijing contributed to this report.Lyric Li and Gerry Shih in Beijing contributed to this report.
BEIJING — In China, parents and students alike are beginning to wonder: When will schools reopen?BEIJING — In China, parents and students alike are beginning to wonder: When will schools reopen?
The subject of the reopening of schools, shut across the country for weeks already due to the novel coronavirus outbreak, trended on social media on Friday after Chinese Premier Li Keqiang urged universities, schools, and kindergartens to further postpone the spring semester in a bid to prevent infections among children.The subject of the reopening of schools, shut across the country for weeks already due to the novel coronavirus outbreak, trended on social media on Friday after Chinese Premier Li Keqiang urged universities, schools, and kindergartens to further postpone the spring semester in a bid to prevent infections among children.
“In principle, universities, schools, and kindergartens should continue to postpone campus reopening,” the premier said at a Thursday meeting in Beijing, adding that a strengthened protection of children and elderly people is in line with Communist Party central instructions to introduce more targeted epidemic-control measures.“In principle, universities, schools, and kindergartens should continue to postpone campus reopening,” the premier said at a Thursday meeting in Beijing, adding that a strengthened protection of children and elderly people is in line with Communist Party central instructions to introduce more targeted epidemic-control measures.
Asked whether college entrance exams would be delayed, China’s Vice Minister of Education Weng Tiehui said at a Friday briefing that they are “keeping close watch on students’ and parents’ concerns” and would announce relevant work arrangements after “careful and cautious research.”Asked whether college entrance exams would be delayed, China’s Vice Minister of Education Weng Tiehui said at a Friday briefing that they are “keeping close watch on students’ and parents’ concerns” and would announce relevant work arrangements after “careful and cautious research.”
More than 10 million students are expected to sit this year’s college entrance exams, which usually fall on June 7-8.More than 10 million students are expected to sit this year’s college entrance exams, which usually fall on June 7-8.
Few local governments in China have set concrete timeframes for resuming regular classes. Guizhou, a province in China’s mountainous southwest, announced on Thursday that Grade 9 and Grade 12 students will be allowed to return March 16 to revise for graduation exams or college-entrance exams. A more general school reopening would be announced later after further “scientific evaluation,” it said.Few local governments in China have set concrete timeframes for resuming regular classes. Guizhou, a province in China’s mountainous southwest, announced on Thursday that Grade 9 and Grade 12 students will be allowed to return March 16 to revise for graduation exams or college-entrance exams. A more general school reopening would be announced later after further “scientific evaluation,” it said.
Most provinces have encouraged online learning for students, focused on revision and non-academic subjects — music, fine arts, indoor exercises, education on epidemic control and personal hygiene — out of concerns of poor remote education quality and inequality for kids with no tech help and adult supervision.Most provinces have encouraged online learning for students, focused on revision and non-academic subjects — music, fine arts, indoor exercises, education on epidemic control and personal hygiene — out of concerns of poor remote education quality and inequality for kids with no tech help and adult supervision.
On social media, some parents worried about the strain home-schooling would put on families. “It’s a headache for working-class parents because we cannot handle work and children at the same time," one mother wrote on Weibo. "Kids will be left home by their own. So work resumption should be delayed like school openings.”On social media, some parents worried about the strain home-schooling would put on families. “It’s a headache for working-class parents because we cannot handle work and children at the same time," one mother wrote on Weibo. "Kids will be left home by their own. So work resumption should be delayed like school openings.”
Some students weren’t happy either. “Personally I don’t care about school that much, but online learning is just killing me: so much homework and so much reading to do!" a college student wrote. "It is worse than going to school.”Some students weren’t happy either. “Personally I don’t care about school that much, but online learning is just killing me: so much homework and so much reading to do!" a college student wrote. "It is worse than going to school.”