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Coronavirus live updates: stock markets plunge on global recession fears Coronavirus live updates: stock markets plunge on global recession fears
(32 minutes later)
With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling. Follow all the developments liveWith cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling. Follow all the developments live
The ASX200 is in freefall this morning, losing 5.5% with energy stocks bearing the brunt of the selling. Santos shares have fallen 23% in response to the shock decision over the weekend and Woodside Petroleum is down 18%. The energy sector as a whole is off 20%.https://twitter.com/GrogsGamut/status/1236800247705341952
The dramatic selloff has been sparked by Saudi Arabia’s shock decision over the weekend to increase rather than decrease oil production.
A cut had been expected to keep prices stable in the wake of falling global demand due to the coronavirus. But after Opec ministers met In Vienna and then failed to persuade Russia to agree to the cut which would reduce supply and boost prices, the Saudis appear to have decided to embark on a price war designed to drive competitors such as Russia and the US shale industry out of the market altogether.
Once that’s done, Saudi Arabia would, in theory, be left to control production and therefore set higher prices. But whether or not it’s possible to ever eliminate fleet-footed US shale producers is a matter of debate.
The Australia Securities Exchange (ASX) is now down 5.5%, wiping more than AU$140bn off the Australian share market.
US senator Ted Cruz has released a statement saying he “briefly interacted with an individual who is currently symptomatic and has tested positive for Covid-19” while at the Conservative Political Action Conference ten days ago.
He says he is not experiencing any symptoms and that the interaction – “a brief conversation and a handshake – does not meet the Centers for Disease Control and Prevention’s criteria for self quarantine and that none of the people Cruz has interacted with in the last 10 days. He has nevertheless decided to remain in Texas for the remainder of the 14-day period.
More on the latest infections in New South Wales, Sydney now. Two students in Year 10 at St Patrick’s Marist College, in Dundas, in Sydney’s northwest, have been confirmed as having contracted Covid-19.
The school has asked parents to collect their children from the school, and the school will be closed tomorrow. It is not known whether the students had travelled overseas recently.NSW Health Minister Brad Hazzard is expected to speak shortly about Covid-19 transmission in NSW.42 cases of Covid-19 have been confirmed across the state.
In Australia, the ASX is now down 5.3%.
In Australia, the ASX is now down 5%, or nearly 300 points, in the worst day of losses since the start of the coronavirus outbreak.
The ABC is reporting that Epping Boys school was thoroughly cleaned over the weekend after a year 11 student there tested positive last week. Here’s that story from Friday:
In Australia, we’re expecting to hear shortly from a New South Wales representative regarding the two new infections in Sydney among two Year 10 high school students at St. Patrick’s Marist College in Dundas. Stay tuned.
The Australian share market is down 4% in what could be the most turbulent day yet during this coronavirus-driven markets crisis.The Australian share market is down 4% in what could be the most turbulent day yet during this coronavirus-driven markets crisis.
Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney, saidMichael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney, said
US stock futures are trading significantly lower this morning after crude oil futures dropped more than 20% at the opening of the US Sunday night session.US stock futures are trading significantly lower this morning after crude oil futures dropped more than 20% at the opening of the US Sunday night session.
“Russia’s hard line at a Friday meeting of OPEC+ oil producing nations means it will no longer observe supply restraint to keep crude oil prices higher. The break down in supply agreements comes as the Covid-19 virus has many analysts revising demand forecasts downward, and the double-hit is playing havoc with prices.“Russia’s hard line at a Friday meeting of OPEC+ oil producing nations means it will no longer observe supply restraint to keep crude oil prices higher. The break down in supply agreements comes as the Covid-19 virus has many analysts revising demand forecasts downward, and the double-hit is playing havoc with prices.
The growing fears over the impact of virus containment measures and the slump in crude prices may see stocks outstrip falls foreshadowed on Saturday morning.”The growing fears over the impact of virus containment measures and the slump in crude prices may see stocks outstrip falls foreshadowed on Saturday morning.”
Full story on that crucial Saudi Arabina decision on oil is here:Full story on that crucial Saudi Arabina decision on oil is here:
Australian Unions will ask the federal government for compensation for casual workers who don’t get paid sick leave, AAP reports.Australian Unions will ask the federal government for compensation for casual workers who don’t get paid sick leave, AAP reports.
The government is preparing a multi-billion dollar stimulus package to offset the impact of coronavirus on the economy.The government is preparing a multi-billion dollar stimulus package to offset the impact of coronavirus on the economy.
Australian Council of Trade Unions secretary Sally McManus said the package must address the financial risk to Australia’s 3.3 million casual workers in retail, hospitality, health and aged care, who will lose pay if they get sick.Australian Council of Trade Unions secretary Sally McManus said the package must address the financial risk to Australia’s 3.3 million casual workers in retail, hospitality, health and aged care, who will lose pay if they get sick.
“We don’t want people with virus or people with symptoms going to work, but they are going to have to choose between paying the bills and feeding themselves or going to work,” she told Nine’s Today program on Monday.“We don’t want people with virus or people with symptoms going to work, but they are going to have to choose between paying the bills and feeding themselves or going to work,” she told Nine’s Today program on Monday.
In Sydney, Australia, Channel Nine is reporting that two Year 10 pupils at St Patrick’s Dundas in Sydney have tested positive for coronavirus. We’ll have more on this shortly.In Sydney, Australia, Channel Nine is reporting that two Year 10 pupils at St Patrick’s Dundas in Sydney have tested positive for coronavirus. We’ll have more on this shortly.
Global financial markets face a torrid day on Monday after the virus continued to threaten to spark a worldwide recession.Australia has kicked off the day’s trading and the benchmark ASX200 down by 4.2% on Monday morning. The Nikkei in Tokyo opens in less than an hour with futures trade pointing to a 4.5% fall.Brent crude oil futures have also plummeted to just over $33 after the Saudi decision to pump more oil at the weekend.Global financial markets face a torrid day on Monday after the virus continued to threaten to spark a worldwide recession.Australia has kicked off the day’s trading and the benchmark ASX200 down by 4.2% on Monday morning. The Nikkei in Tokyo opens in less than an hour with futures trade pointing to a 4.5% fall.Brent crude oil futures have also plummeted to just over $33 after the Saudi decision to pump more oil at the weekend.
https://twitter.com/DavidInglesTV/status/1236788833733062656https://twitter.com/DavidInglesTV/status/1236788833733062656
Hello and welcome to the liveblog.Hello and welcome to the liveblog.
If you’re just joining us, here’s a summary of the latest coronavirus developments.If you’re just joining us, here’s a summary of the latest coronavirus developments.
The UK has announced its third death from the virus. He was a man in his 60s who had underlying health problems.The UK has announced its third death from the virus. He was a man in his 60s who had underlying health problems.
The decree imposing a lockdown for more than a quarter of Italy’s population was officially approved by the government and checkpoints are expected to appear at toll booths, stations and other points of entry to Lombardy.The decree imposing a lockdown for more than a quarter of Italy’s population was officially approved by the government and checkpoints are expected to appear at toll booths, stations and other points of entry to Lombardy.
Five more people have tested positive in Northern Ireland, bringing the UK total to 278.Five more people have tested positive in Northern Ireland, bringing the UK total to 278.
The UK Department of Health is now advising anyone who has returned from the lockdown areas in northern Italy to self-isolate for two weeks, even if they do not have coronavirus symptoms.The UK Department of Health is now advising anyone who has returned from the lockdown areas in northern Italy to self-isolate for two weeks, even if they do not have coronavirus symptoms.
The number of deaths from coronavirus in Italy has risen from 233 on Saturday to 366, officials have said. The 57% increase is the steepest daily rise in fatalities since the outbreak came to light.The number of deaths from coronavirus in Italy has risen from 233 on Saturday to 366, officials have said. The 57% increase is the steepest daily rise in fatalities since the outbreak came to light.
Deaths from coronavirus in France rise from 11 to 19. French health officials have confirmed 1,126 cases of coronavirus.Deaths from coronavirus in France rise from 11 to 19. French health officials have confirmed 1,126 cases of coronavirus.
Israel declared on Sunday that it will close its border with Egypt, beginning 5pm local time.The Taba border crossing between Egypt’s Sinai region and the Israeli town of Eilat is a popular crossing point for tourists.Israel declared on Sunday that it will close its border with Egypt, beginning 5pm local time.The Taba border crossing between Egypt’s Sinai region and the Israeli town of Eilat is a popular crossing point for tourists.