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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 trading day is under way in Japan and South Korea and it’s more of the same with the Nikkei down 4.5% as signalled by the futures market earlier. In Seoul, the Kospi index has lost 3%.US government bond yields have also sunk to new lows this morning, a sign of increasingly negative outlook on the global economy as investors take money out of risky assets such as shares and commodities (oil, for example) and put it into rock solid investments with a guaranteed return. Others safe havens such as the Japanese yen and gold have also risen in value.
The benchmark US treasury 10-year bond yield (basically the interest rate paid on government bonds) has fallen to 0.4949% in trade in Japan this morning.
So just to recap that, in New South Wales, Australia, the state health minister Brad Hazzard has confirmed another case in a school: A year 7 student at Willoughby Girls school has tested positive to Covid-19. Health authorities are interviewing the girl, her family members, and undertaking contact tracing, he says.
This brings the new cases for New South Wales to six this morning,
Still in New South Wales Australia, for the moment, where state health minister Brad Hazzard says, “This is a virus is active across the world. We can anticipate it will be active here, although thus far, New South Wales and Australia are doing extraordinarily compared to the rest of the world.”
New South Wales’ Health Minister Brad Hazzard says “These are matters are evolving and literally as I walked into the media conference I was being informed [of what was happening]”.
He adds that if you have mild systems, you should call your GP for advice. If you have severe symptoms you should call your ED right away to arrange a visit.
More on the response at St. Patrick’s Marist College in Dundas, Executive director of Catholic Schools Parramatta, Greg Whitby, who says parents have been directed to pick their children up from school when they are able to.
He does not know how long measures will be in place for, and said the school could not close as not all parents are able to arrange child care on short notice.
In Australia, New South Wales’ Health Minister Brad Hazzard says a year seven student has been confirmed at Willoughby High school. The other cases include two men in their fifties who “appear to have some connection, – family contact – with some of the cases that have previously been announced.”
The other four new infections are the two students at St. Patrick’s Marist, the student at Willoughby and a mother connected with the Willoughby student.
In Australia, New South Wales’ Health Minister Brad Hazzard says there are another six cases confirmed in the state.
In the US, the price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.
Italy, the country hardest hit by the virus in Europe, essentially locked down much of its wealthy north, including the financial capital Milan, in a drastic attempt to contain an outbreak that saw the number of deaths leap sharply on Sunday.
Contracts for the S&P 500 E-mini fell 4.2% to 2839. The decline indicates how much the S&P 500 might fall when trading begins on Monday.
The implied yield on the futures contract for the 10-year U.S. Treasury note fell below 0.5% for first time. The benchmark Treasury hit a historic low on Friday, closing at 0.707%, as markets reacted to the coronavirus. It was the first time the 10-year note had traded below 1%.
Corporations around the world have begun issuing profit warnings and curbing activities as the virus spreads.
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/1236800247705341952The 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.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.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.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.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.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.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.
Michael 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.
“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.”
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.
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.
“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.
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/1236788833733062656
Hello and welcome to the liveblog.
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 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.
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.
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.