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Coronavirus latest updates: Asian markets tumble as New York confirms first case Coronavirus latest updates: New York confirms first case as China infections drop
(32 minutes later)
Australia’s stock exchange falls 2% on opening as investors flee on fears of coronavirus spread. Follow live news New York state governor says woman in her 30s returned from Iran, as China announces just 200 new cases. Follow live news
We’re getting new figures on South Korea .... 476 new cases taking their total number of infections to 4,212. The country has also recorded 22 fatalities, a jump of 4 from yesterday.
It’s believed 60% of confirmed cases are linked to a branch of Shincheonji religious sect in the southeastern city of Daegu.
Despite that poor Chinese data, stocks markets are recovering across Asia Pacific on the prospect of rate cuts by the US Federal Reserve that we referred to earlier.
The Nikkei is Tokyo is up 0.28%, the Kospi in Seoul is up 0.95%, the Hang Seng has risen 0.7% at the opening and Shanghai is up 1.2%. Oil has also rebounded on hopes of a production cut by Opec.
Chinese factory activity slumped to its sharpest contraction on record, according to a survey released on Monday, after the virus crippled manufacturing in February.
The closely watched Caixin/Markit manufacturing purchasing managers’ index (PMI) tumbled to 40.3 last month, the lowest level since the survey began in 2004, and down sharply from the 51.1 reading in January, Reuters reports. The 50 mark separates growth from contraction.
It follows official PMI data on Saturday that showed a reading of 35. it tracks larger companies while the Caixin PMI tracks smaller companies.
The number was much worse than expected by forecasters and even worse than the depths of the financial crisis in 2008-09.
The online giant Amazon has confirmed that two of its employees in Milan have tested positive for coronavirus.
New York state has confirmed its first coronavirus case, Governor Andrew Cuomo said on Twitter Sunday evening, calling on residents to remain calm and not have any “undue anxiety.”New York state has confirmed its first coronavirus case, Governor Andrew Cuomo said on Twitter Sunday evening, calling on residents to remain calm and not have any “undue anxiety.”
Cuomo said the patient is a woman in her 30s who contracted the virus while traveling abroad in Iran. He said the woman is in quarantine in her home.Cuomo said the patient is a woman in her 30s who contracted the virus while traveling abroad in Iran. He said the woman is in quarantine in her home.
“The patient has respiratory symptoms, but is not in a serious condition and has been in a controlled situation since arriving in New York,” a Cuomo statement said.“The patient has respiratory symptoms, but is not in a serious condition and has been in a controlled situation since arriving in New York,” a Cuomo statement said.
“There is no cause for surprise – this was expected. As I said from the beginning, it was a matter of when, not if there would be a positive case of novel coronavirus in New York.”“There is no cause for surprise – this was expected. As I said from the beginning, it was a matter of when, not if there would be a positive case of novel coronavirus in New York.”
Cuomo added that the “general risk remains low in New York”.Cuomo added that the “general risk remains low in New York”.
We’re seeing a news conference from the Australian city of Melbourne, where more cases of Covid-19 have been detected.We’re seeing a news conference from the Australian city of Melbourne, where more cases of Covid-19 have been detected.
Four new virus cases were confirmed on the weekend in people returning from Iran before the ban on entry from Iran was imposed in Australia.Four new virus cases were confirmed on the weekend in people returning from Iran before the ban on entry from Iran was imposed in Australia.
New South Wales health authorities confirmed the state’s fifth and six cases as a man in his 40s and a woman in her 50s who both returned to Sydney from Iran. The two cases are not connected, and they arrived on different days.New South Wales health authorities confirmed the state’s fifth and six cases as a man in his 40s and a woman in her 50s who both returned to Sydney from Iran. The two cases are not connected, and they arrived on different days.
New cases in Victoria and Queensland also came from Iran.New cases in Victoria and Queensland also came from Iran.
A Victorian woman was confirmed as testing positive on Sunday after landing in Melbourne on Friday.A Victorian woman was confirmed as testing positive on Sunday after landing in Melbourne on Friday.
In Queensland, a 63-year-old Gold Coast beautician was confirmed as having the virus on Saturday after arriving on Monday.In Queensland, a 63-year-old Gold Coast beautician was confirmed as having the virus on Saturday after arriving on Monday.
Brett Sutton, the chief health officer for the state of Victoria said people who are asked to isolate themselves need to think about how they can organise access to necessities:Brett Sutton, the chief health officer for the state of Victoria said people who are asked to isolate themselves need to think about how they can organise access to necessities:
South Korea is the worst affected countries outside of China in terms of coronavirus cases. We are waiting today’s update, but as of Sunday, 3,736 people were infected, with 17 deaths.South Korea is the worst affected countries outside of China in terms of coronavirus cases. We are waiting today’s update, but as of Sunday, 3,736 people were infected, with 17 deaths.
A large proportion of the cases are connected to the Shincheonji Church of Jesus in Daegu. The leader of the group, Lee Man-hee, was tested on Staruday and is awaiting results, according to the Yonhap news agency.A large proportion of the cases are connected to the Shincheonji Church of Jesus in Daegu. The leader of the group, Lee Man-hee, was tested on Staruday and is awaiting results, according to the Yonhap news agency.
Earlier, the group said he has been talks with a local public health centre over scheduling his test but corrected this to say that he had already taken the test, Yonhap said.Earlier, the group said he has been talks with a local public health centre over scheduling his test but corrected this to say that he had already taken the test, Yonhap said.
Lee has been in self-quarantine at his home in Gyeonggi Province, near Seoul.Lee has been in self-quarantine at his home in Gyeonggi Province, near Seoul.
Nearly 95% of the church’s 239,000 followers had been tested for Covid-19 as of Saturday, Yonhap says. Of them, 8,563 members and 393 “trainees” have shown symptoms, according to the authorities.Nearly 95% of the church’s 239,000 followers had been tested for Covid-19 as of Saturday, Yonhap says. Of them, 8,563 members and 393 “trainees” have shown symptoms, according to the authorities.
Here’s an excerpt of Yonhap’s report:Here’s an excerpt of Yonhap’s report:
The Chinese health commission’s daily national briefing has reported 202 new confirmed cases of coronavirus and 42 new deaths.The Chinese health commission’s daily national briefing has reported 202 new confirmed cases of coronavirus and 42 new deaths.
The total confirmed cases has passed 80,000 for the first time. Of the 80,026 confirmed cases, 44,462 (56%) have recovered and 2,912 (or 3.6%) have died.The total confirmed cases has passed 80,000 for the first time. Of the 80,026 confirmed cases, 44,462 (56%) have recovered and 2,912 (or 3.6%) have died.
Hubei province, where the outbreak has been concentrated, recorded 196 of the 202 new cases and all of the new deaths.Hubei province, where the outbreak has been concentrated, recorded 196 of the 202 new cases and all of the new deaths.
One more post on Australian interest rates. The doyen of economic forecasters, Bill Evans of Westpac bank, says developments over the weekend over the coronavirus impact have prompted him to change his prediction froman April cut to tomorrow.One more post on Australian interest rates. The doyen of economic forecasters, Bill Evans of Westpac bank, says developments over the weekend over the coronavirus impact have prompted him to change his prediction froman April cut to tomorrow.
He sees the RBA cutting the cash rate by 25 basis points tomorrow to 0.5%, and then again in April to take the rate to 0.25%.He sees the RBA cutting the cash rate by 25 basis points tomorrow to 0.5%, and then again in April to take the rate to 0.25%.
The WHO chief has said the spread of the coronavirus to countries with weaker health systems is “one of our biggest concerns”.The WHO chief has said the spread of the coronavirus to countries with weaker health systems is “one of our biggest concerns”.
On Sunday the organisation released US$15 million from its Central Emergency Response Fund to help fund global efforts to contain the COVID-19 virus. The same day the WHO upgraded the global risk assessment for Covid-19 as “very high” – its highest level.On Sunday the organisation released US$15 million from its Central Emergency Response Fund to help fund global efforts to contain the COVID-19 virus. The same day the WHO upgraded the global risk assessment for Covid-19 as “very high” – its highest level.
We’ve seen the stock markets crashing for a week now. While that’s bad if you hold shares and have a lot of your pension funds invested in equities, other movements on the financial markets are arguably more significant, especially the continued fall in US government bond yields.We’ve seen the stock markets crashing for a week now. While that’s bad if you hold shares and have a lot of your pension funds invested in equities, other movements on the financial markets are arguably more significant, especially the continued fall in US government bond yields.
The implied yield on US 10-Year Treasury futures traded below 1% for the first time on Monday morning. This is because investors are dumping risky assets like shares and buying government securities. But more demand pushes up the price of bonds, forcing down the yield, or interest paid on them.The implied yield on US 10-Year Treasury futures traded below 1% for the first time on Monday morning. This is because investors are dumping risky assets like shares and buying government securities. But more demand pushes up the price of bonds, forcing down the yield, or interest paid on them.
The result is that interest rate cuts in Australia – where the Reserve Bank meets on Tuesday – and the US are a near-certainty.The result is that interest rate cuts in Australia – where the Reserve Bank meets on Tuesday – and the US are a near-certainty.
Here’s Michael McCarthy again from CMC Markets:Here’s Michael McCarthy again from CMC Markets:
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.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.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.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.“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.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%.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 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.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.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 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.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.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: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: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%.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 with confirmed infections rising by more than half to 978.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.
You can get up to date with all our stories using the links below.You can get up to date with all our stories using the links below.
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