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Coronavirus latest updates: Asian markets tumble as Italy deaths rise to 34 Coronavirus latest updates: Asian markets tumble as Italy deaths rise to 34
(33 minutes later)
Australia’s stock exchange falls 2% on opening as investors flee on fears of coronavirus spread. Follow live newsAustralia’s stock exchange falls 2% on opening as investors flee on fears of coronavirus spread. Follow live news
Factory activity in China contracted at the fastest pace ever in February, even worse than during the global financial crisis, highlighting the colossal damage from the coronavirus outbreak on the world’s second-largest economy, Reuters reports.
China’s official Purchasing Managers’ Index (PMI) fell to a record low of 35.7 in February from 50.0 in January, the National Bureau of Statistics said, well below the 50-point mark that separates monthly growth from contraction.
The data foreshadows that the economic disruption from the virus will likely extend to the whole first quarter of 2020 since the disease outbreak has caused widespread transport curbs and required tough public health measures that have paralysed economic activity.
“We expect year-on-year growth in all activity data to be negative in January-February as China’s economy has been severely constrained since 23 January,” said analysts at Nomura in a note, citing the extended lunar new year holiday and the slow resumption of businesses.
Trading has started in Tokyo where the Nikkei is down 1.3% in the first few minutes.
It’s not all bad though – the Kospi index in Seoul is up 0.5%.
Egypt’s has recorded its second case of Covid-19. A statement on Facebook from the health ministry said it was a foreign citizen, who was taken to an isolation unit in hospital and was receiving the necessary medical care.
Egypt’s first case was also a foreign national, who was the first confirmed case of Covid-19 on the African continent. Cases in Algeria and Nigeria were announced last week.
We’re now seeing the Australian market has dropped 2.7%. The Japanese markets are about to open and we’ll bring you news on that shortly.
The Australian dollar is in freefall this morning as investors expect the economic impact of the coronavirus to worsen and weaken demand for the country’s industrial commodities.
The Aussie has fallen 0.84% in the current trading session, taking it to US65.18c.
Other commodity currencies such as the canadian dollar and the Brazilian real have seen similar falls.
Michael McCarthy of CMC Markets in Sydney explains that the weekend’s poor economic data from China will lead to lowered expectations of growth in the world’s second-biggest economy, subduing demand all over the world:
Read more about those very bad Chinese figures here with this report from our economics writer Phillip Inman:
In Australian the stock market opened down 2.2% on Monday morning, marking the seventh straight trading day of losses as the coronavirus spreads.The S&P/ASX200 index was down 144.2 points at the start of trade on Monday.The decline means the ASX has now gone down over 10% in the last seven trading days.Among the biggest drops at the opening of trade were Bega down 10%, and Fortescue down 9.92%.
Hello and welcome to our live coverage of the coronavirus outbreak. Before we kick off, here’s a summary of the top points so far.Hello and welcome to our live coverage of the coronavirus outbreak. Before we kick off, here’s a summary of the top points so far.
Italy has confirmed 34 deaths from the virus.Italy has confirmed 34 deaths from the virus.
Iran raised its death toll from 43 to 54 Iran raised its death toll from 43 to 54 with confirmed infections rising by more than half to 978.
The number of people in Germany infected rose to 129 on Sunday, up from 66 on Saturday.The number of people in Germany infected rose to 129 on Sunday, up from 66 on Saturday.
Non-essential British embassy staff in Tehran are being withdrawn with immediate effect due to the virusNon-essential British embassy staff in Tehran are being withdrawn with immediate effect due to the virus
France’s confirmed cases has risen to 130, from 100.France’s confirmed cases has risen to 130, from 100.
The Trump administration has accused the public of overreacting to the impact of the coronavirus on the economy, and insisted that stocks would bounce back.The Trump administration has accused the public of overreacting to the impact of the coronavirus on the economy, and insisted that stocks would bounce back.
Oman has suspended Italian tourist flights from Salala airport for a month, in an attempt to halt the spread of the virus.Oman has suspended Italian tourist flights from Salala airport for a month, in an attempt to halt the spread of the virus.
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