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Coronavirus latest updates: US stocks suffer biggest one-day fall, Australian market dives Coronavirus latest updates: first case detected in sub-Saharan Africa as stock market dives again
(32 minutes later)
Ireland and Netherlands report first cases as US officials monitor thousands getting off domestic flights for symptoms. Follow live newsIreland and Netherlands report first cases as US officials monitor thousands getting off domestic flights for symptoms. Follow live news
From AP:
K-pop superstar group BTS has canceled a series of planned concerts in Seoul in April due to concerns about a soaring viral outbreak in South Korea.
The band’s management agency said Friday: “We regret to announce that the BTS MAP OF THE SOUL TOUR ... has been cancelled.”
A statement from Big Hit Entertainment says the band was supposed to perform on April 11-12 and April 18-19 at Seoul’s Olympic Stadium.
It said the Covid-19 “outbreak has made it impossible at this time to predict the scale of the outbreak during the dates of the concert in April.”
Chris Froome and Mark Cavendish are among riders who will be tested for the coronavirus after the UAE Tour was cancelled on Thursday when two participants contracted Covid-19.
The final two stages of the race were due to take place on Friday and Saturday but the race was abandoned when the Italian duo were taken ill. All riders and staff were confined to their rooms at the Crowne Royal Plaza Abu Dhabi Yas Island, with concerns that the potential outbreak could now extend to the UCI world track championships in Berlin after some riders who took part in the early stage of the UAE Tour already in Germany.
From Reuters:
There are few details yet, but Nigeria has reported one case of the virus detected. This is the first case in sub-Saharan Africa.There are few details yet, but Nigeria has reported one case of the virus detected. This is the first case in sub-Saharan Africa.
The case was confirmed on 27 February, the health ministry said.The case was confirmed on 27 February, the health ministry said.
Asia Pacific stocks are being hammered for the fifth day running as investors scramble to offload shares and other risky assets.Asia Pacific stocks are being hammered for the fifth day running as investors scramble to offload shares and other risky assets.
The Nikkei is down 3.2% in Tokyo adn the ASX200 in Sydney is down 2.4%. In Seoul, the market is down 2.3%, Hong Kong has shed 2% and Shanghai is off by 1.7%. It follows a record points loss on Wall Street on Thursday.The Nikkei is down 3.2% in Tokyo adn the ASX200 in Sydney is down 2.4%. In Seoul, the market is down 2.3%, Hong Kong has shed 2% and Shanghai is off by 1.7%. It follows a record points loss on Wall Street on Thursday.
Safe havens benefited in contrast. US 10-year bond yields hit another record low 1.241%. It last stood at 1.274%. The move indicates a strong likelihood of further rate cuts by the Federal Reserve this year.Safe havens benefited in contrast. US 10-year bond yields hit another record low 1.241%. It last stood at 1.274%. The move indicates a strong likelihood of further rate cuts by the Federal Reserve this year.
Tomoaki Shishido, senior economist at Nomura Securities in Tokyo, said the Fed would not even have to wait for data to make up its mind:Tomoaki Shishido, senior economist at Nomura Securities in Tokyo, said the Fed would not even have to wait for data to make up its mind:
The chief health officer, Brendan Murphy, says part of Australia’s planning is setting up dedicated primary care clinics to try to get people who get infection to isolate at home and delay the spread.The chief health officer, Brendan Murphy, says part of Australia’s planning is setting up dedicated primary care clinics to try to get people who get infection to isolate at home and delay the spread.
He said it’s significant that children seem to be less affected by this virus on the evidence so far.He said it’s significant that children seem to be less affected by this virus on the evidence so far.
Hunt was also asked about the Olympics in Japan later this year: “The question of the Olympics will be determined in some months. Japan and the IOC will be making global decisions and Australia will be a part of those discussions,” he says.Hunt was also asked about the Olympics in Japan later this year: “The question of the Olympics will be determined in some months. Japan and the IOC will be making global decisions and Australia will be a part of those discussions,” he says.
The health minister, Greg Hunt, says the government has led an advanced primary care planning process, working with doctors and with specialists around the country, including in aged care facilities.The health minister, Greg Hunt, says the government has led an advanced primary care planning process, working with doctors and with specialists around the country, including in aged care facilities.
But Hunt says the main message Australians is to “go about your ordinary business”.But Hunt says the main message Australians is to “go about your ordinary business”.
Murphy says being flexible in responding to the virus is key:Murphy says being flexible in responding to the virus is key:
Australia’s chief medical officer, Brendan Murphy, is speaking now. He says more than 80% of people who get coronavirus have a mild disease, and reassures Australians that the situation is well prepared for.Australia’s chief medical officer, Brendan Murphy, is speaking now. He says more than 80% of people who get coronavirus have a mild disease, and reassures Australians that the situation is well prepared for.
“At this stage we are still contained inAustralia. We do not have any evidence whatsoever of community transmission”.“At this stage we are still contained inAustralia. We do not have any evidence whatsoever of community transmission”.
“Our concern of course is preparing for any patients who have the more severe delays who need hospital treatment and respiratory and other support. I do want to reiterate though that at this stage, we are still contained in Australia.“Our concern of course is preparing for any patients who have the more severe delays who need hospital treatment and respiratory and other support. I do want to reiterate though that at this stage, we are still contained in Australia.
“No one should go around wasting face masks,” he says, adding it is “very likely we will get some more cases in Australia” in the coming weeks.“No one should go around wasting face masks,” he says, adding it is “very likely we will get some more cases in Australia” in the coming weeks.
We’re hearing from Australia’s health minister, Greg Hunt. He says the federal government will lead an advanced primary planning process, including an aged care planning process as part of its emergency response to the coronavirus outbreak.
Australia enacted its pandemic plan on Thursday.
Peru has put specialists on round-the-clock shifts at its biggest airport, in preparation for the emergence of Covid-19, and begun setting up specialist mobile units.
South Korea’s centres for disease control and prevention reported 256 new coronavirus cases on Friday, bringing the total number of infected in the country to 2,022.
182 of the new cases were in the southeastern city of Daegu, the location of a church at the centre of South Korea’s outbreak.
The death toll is unchanged, at 13.
Coronavirus fears are spreading to the Caribbean, where several countries are turning cruise ships away from their ports, Bloomberg reports.
On Thursday local officials in the Dominican Republic refused to let passengers off the Braemer, with about 1,500 people on board.
The company reportedly labeled this an “overreaction”, due to a “small number of influenza-like cases on board”, while also saying no guests or crew had shown symptoms consistent with coronavirus.
In Cozumel, Mexico, passengers on the MSC Meraviglia are waiting for test results after the ship was refused docking in Jamaica and GRand Cayman.
From AFP:
After three weeks in quarantine, all passengers from the Diamond Princess cruise ship have been evacuated, the Australian is reporting.
“Princess Cruises can confirm that disembarkation of all guests aboard Diamond Princess is complete,” the company said.
“Specialists from the Princess Care Team and Family Assistance programs remain available to both guests and team members.”
It had been under strict quarantine since early February, when 10 people tested positive.
Crew members will be allowed to return home if they test negative for the virus after two weeks in quarantine in Tokyo.
The Diamond Princess has been a particular flashpoint for the virus, with more than 3,500 passengers on board. The vuris spread among the passengers and more than 700 developed Covid-19, and four died.
A significant number of passengers were allowed to disembark and return to their home countries - many of which then put them in quarantine, suggesting unease with Japan’s handling of the trip. Several of those returned later developed Covid-19.
The National Health Authority has released its infection figures for Thursday.
Of the 327 new confirmed cases of the virus, 318 were in the province of Hubei - the epicentre of the outbreak.
Most of the deaths (41) were also in Hubei, as well as two in Beijing, and one in Xinjiang.
Another 452 suspected cases have been added to China’s reported figures.
In more Donald Trump news, the president called the press pool for an unscheduled event, shortly after the Dow Jones index suffered its biggest points fall in history amid coronavirus fears. The president planned to discuss his “success in empowering members of the African-American community”, and included guests such as conservative commentator Candace Owens and media personalities Diamond and Silk.
The event turned into an impromptu press conference, and Trump started to talk about coronavirus.
A quick recap on the devastation in financial markets.
Graeme Wearden reports financial markets have suffered fresh, heavy losses, as the coronavirus crisis escalates - threatening to cause major economic disruption.
Britain’s FTSE 100 slumped by 3.5%, taking it down more than 10% from its recent peak. The index has lost 8%, or £152bn, this week alone.
There were similar heavy losses across Europe, where stocks were hit by fresh cases of Covid-19 - including in Italy - and a warning from France’s president that an epidemic could be close.
Wall Street had another turbulent day too, with the Dow suffering its worst points fall ever - down 1,20 points. Further losses are expected on Friday.
Traders are very concerned about the impact of more cases in the US, with California revealing it is tracking 8,400 people.
Goldman Sachs’s warned that US corporate profit growth could be wiped out is also casting a shadow.... while Bank of America cutting its growth forecasts to an 11-year low.
There are also fears that the virus could even push the eurozone into recession.
In Australia, Ben Butler reports: Coronavirus fears have driven the Australian market down for the fifth day running, with the benchmark ASX200 index dropping almost 3.2% shortly after the opening bell.
Retailer Harvey Norman, which had experienced only very small falls this week, finally succumbed to selling pressure after releasing its half year results this morning.
Within half an hour of the opening bell its shares tumbled 7.9%, the third biggest fall among ASX200 stocks.
The company blamed “widespread bushfires and associated severe reductions in air quality that affected many communities” that hit franchisees during the peak Christmas shopping season for a 4.1% fall in its profits for the six months to the end of December compared to the same time the previous year.
Buy-now-pay-later company Afterpay, which has been something of a market darling, was the biggest loser in early trade, diving 9.4%.
Also plunging were stocks with exposure to the Chinese market or international travel, both of which have been disrupted by the virus crisis.
Online flight booking site Webjet and travel agency Flight Centre both fell more than 4%, national carrier Qantas dropped 3% and Air New Zealand, which is listed on the Australian exchange but is not part of the ASX200 index, was also down 3%.
Also punished was Andrew “Twiggy” Forrest’s Fortescue Metals, which exports iron ore to China. Its stock fell almost 5.8%.
Hello and welcome to the Guardian’s live coverage of the coronavirus outbreak. Catch up on our earlier coverage here.
Before we begin, here’s a summary of the top news lines so far:
The Dow Jones index of leading US shares has suffered its biggest points fall in history amid the coronavirus crisis, closing down 1,190.95 in New York.
The Australian market plummeted on opening.
Northern Ireland and the Netherlands have reported their first cases of the virus.
In the US Californian health officials are monitoring 8,400 people for symptoms after their arrival on domestic flights, but they have only an “inadequate” 200 test kits.
The New York Times reported a US government whistleblower claiming health workers interacted with Americans quarantined for possible exposure to coronavirus without proper medical training or protective gear, then mingled with the general population.
There are 38 confirmed cases of coronavirus in France, more than doubling the tally in 24 hours.
50 Brits were among 130 guests told they can leave a coronavirus-hit Tenerife hotel.
The death toll in Italy has reached 17.
Facebook Inc said it would cancel its annual developer conference, F8 2020, amid rising concerns of the coronavirus outbreak.
MSF has accused Italian authorities of discriminatory action after one of their search and rescue vessels in the Mediterranean was put under quarantine following the disembarkation of 276 passengers who had been rescued at sea.
Shortly we will be getting China’s daily figures, in the mean time you can read our top stories below.
Coronavirus fears trigger biggest one-day fall on US stock market
Mike Pence ‘not up to task’ of leading US coronavirus response, say experts
What are super-spreaders and how are they transmitting coronavirus?
UK schools and offices could close for up to two months