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Coronavirus: FTSE tumbles as world stock markets are hit by global spread of disease – latest updates Coronavirus: FTSE tumbles as world stock markets are hit by global spread of disease – latest updates
(30 minutes later)
Nigeria, New Zealand and Lithuania report first cases as WHO says epidemic could get ‘out of control’. Follow live newsNigeria, New Zealand and Lithuania report first cases as WHO says epidemic could get ‘out of control’. Follow live news
Reuters is reporting that Kuwait has confirmed two more cases of coronavirus, bringing the total number of infections in the country to 45. A Health Ministry official said there had been no deaths and that those infected had either travelled to Iran or been contaminated by people who went there. The trade union umbrella body, the TUC, is urging employers to give workers time off to seek medical advice if they feel they are developing symptoms of coronavirus. The organisation says many people are at risk of getting no financial support when sick because their pay is too low or they are on zero-hours contracts.
The TUC warned that almost two million workers do not earn enough to qualify for statutory sick pay, including one in 10 working women. They said that people forced to self-isolate because of the virus, and those who become ill, should not lose out on pay.
General secretary Frances O’Grady said:
Reuters is reporting that Kuwait has confirmed two more cases of coronavirus, bringing the total number of infections in the country to 45. A health ministry official said there had been no deaths and that those infected had either travelled to Iran or been contaminated by people who went there.
European stock markets have, as we feared, tumbled at the start of trading. The FTSE 100 index of the biggest UK-listed companies has hit its lowest level since December 2008.European stock markets have, as we feared, tumbled at the start of trading. The FTSE 100 index of the biggest UK-listed companies has hit its lowest level since December 2008.
It’s down a further 2.8%, or 188 points, at 6607. That means it’s lost about 10% of its value this week. We’ve not seen such a slump since since the eurozone crisis of 2011, and the financial crisis more than a decade ago.It’s down a further 2.8%, or 188 points, at 6607. That means it’s lost about 10% of its value this week. We’ve not seen such a slump since since the eurozone crisis of 2011, and the financial crisis more than a decade ago.
Two airlines have warned that their earnings are being hit by the crisis. IAG, which owns British Airways, said business travel has been hit by the cancellations of various trade fairs, and corporate travel restrictions. Budget airline easyJet reported it is cutting flights to Italy, and implementing “recruitment, promotion and pay freezes” across its network as it tries to cut costs.Two airlines have warned that their earnings are being hit by the crisis. IAG, which owns British Airways, said business travel has been hit by the cancellations of various trade fairs, and corporate travel restrictions. Budget airline easyJet reported it is cutting flights to Italy, and implementing “recruitment, promotion and pay freezes” across its network as it tries to cut costs.
Germany’s Dax is also suffering fresh losses, down another 3.6%, as investors fear the coronavirus outbreak will cause a global recession.As Neil Wilson of Markets.com puts it:Germany’s Dax is also suffering fresh losses, down another 3.6%, as investors fear the coronavirus outbreak will cause a global recession.As Neil Wilson of Markets.com puts it:
Our business live blog has more details.Our business live blog has more details.
Guardian US reporter Amanda Holpuch writes about the unique challenges the US might face in tackling the coronavirus:Guardian US reporter Amanda Holpuch writes about the unique challenges the US might face in tackling the coronavirus:
Here’s a reminder of the situation in the UK:Here’s a reminder of the situation in the UK:
As of 27 February, a total of 7,690 people have been tested in the UK, of which 7,675 were confirmed negative and 15 positive. (The Department of health updates the figures every day at 2pm.)As of 27 February, a total of 7,690 people have been tested in the UK, of which 7,675 were confirmed negative and 15 positive. (The Department of health updates the figures every day at 2pm.)
The official advice to Brits returning from abroad is to call NHS 111, stay indoors and avoid contact with other people immediately if you’ve travelled from:The official advice to Brits returning from abroad is to call NHS 111, stay indoors and avoid contact with other people immediately if you’ve travelled from:
Hubei province in China in the last 14 days, even if you do not have symptoms.Hubei province in China in the last 14 days, even if you do not have symptoms.
Iran, lockdown areas in northern Italy or special care zones in South Korea since 19 February, even if you do not have symptoms.Iran, lockdown areas in northern Italy or special care zones in South Korea since 19 February, even if you do not have symptoms.
Other parts of mainland China or South Korea, Hong Kong, Japan, Macau, Malaysia, Singapore, Taiwan or Thailand in the last 14 days and have a cough, high temperature or shortness of breath (even if your symptoms are mild).Other parts of mainland China or South Korea, Hong Kong, Japan, Macau, Malaysia, Singapore, Taiwan or Thailand in the last 14 days and have a cough, high temperature or shortness of breath (even if your symptoms are mild).
Other parts of northern Italy (anywhere north of Pisa, Florence and Rimini), Cambodia, Laos, Myanmar or Vietnam since 19 February and have a cough, high temperature or shortness of breath (even if your symptoms are mild).Other parts of northern Italy (anywhere north of Pisa, Florence and Rimini), Cambodia, Laos, Myanmar or Vietnam since 19 February and have a cough, high temperature or shortness of breath (even if your symptoms are mild).
After President Emmanuel Macron’s warning on Thursday that France was on the brink of a coronavirus epidemic, officials there have announced 20 new cases emerging in the past 24 hours.After President Emmanuel Macron’s warning on Thursday that France was on the brink of a coronavirus epidemic, officials there have announced 20 new cases emerging in the past 24 hours.
A dozen cases are centred in the Oise area of northern France, which has emerged as one of the most significant clusters, and concern has homed in on connections to the 110 military airbase in Creil.A dozen cases are centred in the Oise area of northern France, which has emerged as one of the most significant clusters, and concern has homed in on connections to the 110 military airbase in Creil.
Although the health minister, Olivier Véran, said France was not yet in an epidemic he said the country was prepared for one. Two other French citizens who had recently returned from a trip to Egypt were reported hospitalised in Dijon and Brest. Another individual, in Annecy, had recently returned from northern Italy.Although the health minister, Olivier Véran, said France was not yet in an epidemic he said the country was prepared for one. Two other French citizens who had recently returned from a trip to Egypt were reported hospitalised in Dijon and Brest. Another individual, in Annecy, had recently returned from northern Italy.
Good morning from London.Good morning from London.
One hundred and sixty-eight Britons remain confined to the H10 Costa Adeje Palace in Tenerife after at least four guests were diagnosed with coronavirus. Sources told the PA Media news agency that about 50 of them will be allowed to leave if they wish.One hundred and sixty-eight Britons remain confined to the H10 Costa Adeje Palace in Tenerife after at least four guests were diagnosed with coronavirus. Sources told the PA Media news agency that about 50 of them will be allowed to leave if they wish.
The minister of health in Tenerife said about 130 guests from 11 different countries will be able to leave the hotel if they arrived on Monday, after infected guests had already left.The minister of health in Tenerife said about 130 guests from 11 different countries will be able to leave the hotel if they arrived on Monday, after infected guests had already left.
Airline Jet2 has said it will not fly back any people who have been staying at the hotel until they have tested negative for the illness.Airline Jet2 has said it will not fly back any people who have been staying at the hotel until they have tested negative for the illness.
I’ll be handing over to my colleagues in London shortly, but here’s a quick look at the latest developments.I’ll be handing over to my colleagues in London shortly, but here’s a quick look at the latest developments.
The virus has now spread to about 49 countries, with New Zealand, Belarus, Lithuania, and Nigeria (the first case in sub-Saharan Africa) reporting their first cases in the last day. Many are linked to travellers from Iran.The virus has now spread to about 49 countries, with New Zealand, Belarus, Lithuania, and Nigeria (the first case in sub-Saharan Africa) reporting their first cases in the last day. Many are linked to travellers from Iran.
Markets around the world have taken huge hits, and the Chinese economy has seen its worst slump in two decades.Markets around the world have taken huge hits, and the Chinese economy has seen its worst slump in two decades.
The UN security council has decided to lift some economic sanctions on North Korea to help it fend off the virus. Pyongyang still says it has no reported cases.The UN security council has decided to lift some economic sanctions on North Korea to help it fend off the virus. Pyongyang still says it has no reported cases.
All passengers and crew are now off the Diamond Princess cruise ship.All passengers and crew are now off the Diamond Princess cruise ship.
The ability of the US vice-president, Mike Penc,e to lead the country’s response has been questioned by experts.The ability of the US vice-president, Mike Penc,e to lead the country’s response has been questioned by experts.
UK schools and offices could close for up to two months if the country is hit by a pandemic.UK schools and offices could close for up to two months if the country is hit by a pandemic.
Tokyo’s Disneyland and DisneySea will be closed until mid March.Tokyo’s Disneyland and DisneySea will be closed until mid March.
Hyundai has suspended manufacturing at its factory in Ulsan.Hyundai has suspended manufacturing at its factory in Ulsan.
The bloodletting has ended – for now – in some key Asia Pacific markets. They’re still going in China and getting ready for heavy losses in Europe and the US.The bloodletting has ended – for now – in some key Asia Pacific markets. They’re still going in China and getting ready for heavy losses in Europe and the US.
The Nikkei has closed down 3.67% in TokyoThe Nikkei has closed down 3.67% in Tokyo
In Sydney the ASX200 finished off 3.2%.In Sydney the ASX200 finished off 3.2%.
The Kospi ended 3.6% worse off.The Kospi ended 3.6% worse off.
Hang Seng currently down 2.65%Hang Seng currently down 2.65%
Shanghai down 2.95%Shanghai down 2.95%
The MSCI world index has fallen fell 0.6% and is down 9.4% this week. It’s on course for its biggest weekly decline since November 2008.The MSCI world index has fallen fell 0.6% and is down 9.4% this week. It’s on course for its biggest weekly decline since November 2008.
London and Wall Street both set for heavy losses at the openingLondon and Wall Street both set for heavy losses at the opening
The VIx volatility index has spiked to 39, its highest since 2011The VIx volatility index has spiked to 39, its highest since 2011
Brent crude oil is down almost 3% and threatening to go below $50 a barrelBrent crude oil is down almost 3% and threatening to go below $50 a barrel
Safe havens such as gold and the yen are up. US government 10-year bond yields are at record lows as investors seek security (yields are inverse to bond prices).Safe havens such as gold and the yen are up. US government 10-year bond yields are at record lows as investors seek security (yields are inverse to bond prices).
Belarus has reported its first coronavirus case, an Iranian student who arrived in the country from Azerbaijan last week, AFP reports.Belarus has reported its first coronavirus case, an Iranian student who arrived in the country from Azerbaijan last week, AFP reports.
The health ministry said the patient was in a “satisfactory” condition.The health ministry said the patient was in a “satisfactory” condition.
People with whom the student had been in contact since their arrival on 22 February had been placed in quarantine in the hospital for infectious diseases in the capital, Minsk, it added in a statement.People with whom the student had been in contact since their arrival on 22 February had been placed in quarantine in the hospital for infectious diseases in the capital, Minsk, it added in a statement.
The ministry also said that there would now be health checks on anyone arriving in the country from Italy - the worst affected country in Europe - Iran and South Korea.The ministry also said that there would now be health checks on anyone arriving in the country from Italy - the worst affected country in Europe - Iran and South Korea.
Travellers from China were already subject to such controls.Travellers from China were already subject to such controls.
New Zealand heath and government authorities are detailing the country’s responses, and the individual case which has been reported today.New Zealand heath and government authorities are detailing the country’s responses, and the individual case which has been reported today.
It’s a New Zealand citizen who recently returned from Iran, and they are improving.It’s a New Zealand citizen who recently returned from Iran, and they are improving.
Public health will be contacting people who were in the same row, and the two rows ahead and behind the person on their final leg - a flight from Bali on 26 February.Public health will be contacting people who were in the same row, and the two rows ahead and behind the person on their final leg - a flight from Bali on 26 February.
They’ll be required to self-isolate for 14 days, under regular communication with local public health.They’ll be required to self-isolate for 14 days, under regular communication with local public health.
The chance of a community outbreak remains low.The chance of a community outbreak remains low.
“The risk of this disease is being very well managed,” said health minister David Clark, adding that all protocols have been put in place.“The risk of this disease is being very well managed,” said health minister David Clark, adding that all protocols have been put in place.
When they arrived back in New Zealand they traveled home in a private car and then called health workers when they began to feel unwell.When they arrived back in New Zealand they traveled home in a private car and then called health workers when they began to feel unwell.
“They followed all of the steps you’d hope would be followed,” said Clark. They tested negative twice before testing positive.“They followed all of the steps you’d hope would be followed,” said Clark. They tested negative twice before testing positive.
New Zealand is the 48th country to identify a case of the virus, Clark said, although a widespread outbreak was still thought to be unlikely.New Zealand is the 48th country to identify a case of the virus, Clark said, although a widespread outbreak was still thought to be unlikely.
Director-general of health Dr Ashley Bloomfield added: “We have been preparing for this for some weeks, and we are ready.”Director-general of health Dr Ashley Bloomfield added: “We have been preparing for this for some weeks, and we are ready.”
“A range of cross government groups are working together” and guided by the pandemic plan, said Clark.“A range of cross government groups are working together” and guided by the pandemic plan, said Clark.
“We are well prepared because we’ve had time to be prepared.”“We are well prepared because we’ve had time to be prepared.”
Border restrictions have minimised the chance of further cases arriving.Border restrictions have minimised the chance of further cases arriving.
He said his main message to the community was for anyone concerned to ring the helpline number 0800 358 5453, use good handwashing hygiene and cough etiquette.He said his main message to the community was for anyone concerned to ring the helpline number 0800 358 5453, use good handwashing hygiene and cough etiquette.
We are expecting a press conference from New Zealand authorities shortly, on the case detected there.We are expecting a press conference from New Zealand authorities shortly, on the case detected there.
In the meantime we have a few more details from AFP.In the meantime we have a few more details from AFP.
Health officials said the person, reportedly a woman aged in her 60s, was being treated in Auckland City Hospital, and they are “in an improving condition in isolation”.Health officials said the person, reportedly a woman aged in her 60s, was being treated in Auckland City Hospital, and they are “in an improving condition in isolation”.
Officials said the person arrived in Auckland on Wednesday and family members went to the hospital after becoming concerned about the individual’s condition.Officials said the person arrived in Auckland on Wednesday and family members went to the hospital after becoming concerned about the individual’s condition.
The officials urged any passengers on Wednesday’s final leg of the Emirates airline journey, which goes from Bali to Auckland, to contact authorities if they were concerned.The officials urged any passengers on Wednesday’s final leg of the Emirates airline journey, which goes from Bali to Auckland, to contact authorities if they were concerned.
However, authorities downplayed the risk to the public saying the situation was being well managed.However, authorities downplayed the risk to the public saying the situation was being well managed.
“Although we have our first case of Covid-19, the chances of community outbreak remain low,” the statement said.“Although we have our first case of Covid-19, the chances of community outbreak remain low,” the statement said.
AFP has written about the measures being taken in Beijing to control the spread of the virus, amid fears there could be a resurgence. There was a fresh cluster of cases this week, and two deaths reported on Friday.AFP has written about the measures being taken in Beijing to control the spread of the virus, amid fears there could be a resurgence. There was a fresh cluster of cases this week, and two deaths reported on Friday.
The Sacramento Bee is reporting three students living in dormitories at UC Davis has been placed in isolation after one showed “mild” symptoms of the virus.The Sacramento Bee is reporting three students living in dormitories at UC Davis has been placed in isolation after one showed “mild” symptoms of the virus.
Important info for New Zealanders who have traveled recently.Important info for New Zealanders who have traveled recently.
Capital Economics says China’s economy will shrink in the first quarter of this year despite the slowdown in the number of new virus cases.Capital Economics says China’s economy will shrink in the first quarter of this year despite the slowdown in the number of new virus cases.
Activity is still subdued in the world’s second-biggest economy, Capital says, and the impact on domestic demand and international supply chains will have a profound effect on the global outlook.Activity is still subdued in the world’s second-biggest economy, Capital says, and the impact on domestic demand and international supply chains will have a profound effect on the global outlook.
The consultancy, which has a page monitoring economic activity in China which is open to the public, says:The consultancy, which has a page monitoring economic activity in China which is open to the public, says:
Lithuania has reported its first case of the virus, in a woman who returned this week from a visit to Italy’s northern city of Verona.Lithuania has reported its first case of the virus, in a woman who returned this week from a visit to Italy’s northern city of Verona.
In a statement, the Lithuanian government said the woman had been isolated in hospital in the northern town of Siauliai following her return on Monday.In a statement, the Lithuanian government said the woman had been isolated in hospital in the northern town of Siauliai following her return on Monday.
She has been under observation since, and is showing only slight symptoms, with no elevated temperature at the moment, it added.She has been under observation since, and is showing only slight symptoms, with no elevated temperature at the moment, it added.
There are also more details about the case in Nigeria, the first for sub-Saharan Africa, via Reuters.There are also more details about the case in Nigeria, the first for sub-Saharan Africa, via Reuters.
The country’s health minister Osagie Ehanire, said in a statement the case was an Italian citizen who works in Nigeria and returned from Milan, Italy to Lagos on 25 February.The country’s health minister Osagie Ehanire, said in a statement the case was an Italian citizen who works in Nigeria and returned from Milan, Italy to Lagos on 25 February.
His infection was confirmed by the Virology Laboratory of the Lagos University Teaching Hospital, part of the Laboratory Network of the Nigeria Centre for Disease Control.His infection was confirmed by the Virology Laboratory of the Lagos University Teaching Hospital, part of the Laboratory Network of the Nigeria Centre for Disease Control.
“The patient is clinically stable, with no serious symptoms,” said the minister, adding that he was being treated at a hospital in the Lagos district of Yaba.“The patient is clinically stable, with no serious symptoms,” said the minister, adding that he was being treated at a hospital in the Lagos district of Yaba.
“We have already started working to identify all the contacts of the patient, since he entered Nigeria,” said Ehanire.“We have already started working to identify all the contacts of the patient, since he entered Nigeria,” said Ehanire.