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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
Down, down, down: Global markets are bracing for a crash when they open, after some Asian markets suffered their worst falls since the GFC.
The FTSE100 is projected to plunge by more than 7% when trading begins on Monday morning, while the Dow Jones industrial average is on course to lose 4.9% in New York.
The price of Brent crude fell almost 30%, a drop not seen since the start of the first Gulf war, in 1991.
The Australian Securities Exchange closed down 7.3%, representing around AU$140bn (US$9o) in losses, in the worst day of trading for Australian shares since the 2008 GFC.
Three Sydney pupils tested positive for Covid-19. Two year 10 students at St Patrick’s Marist College, Dundas and a 12-year-old girl from Willoughby Girls Hugh school were the latest cases in the state.
The numbers of new deaths and infections continued to fall in China. China reported 22 new deaths, the lowest new cases on record. There were 40 new cases nationwide, with most in Hubei.
California is preparing to receive the Grand Princess cruise ship, on which there are 21 confirmed cases. Governor Gavin Newsom and the mayor of Oakland sought Sunday to reassure the public that none of the passengers from a ship carrying people with the virus will be released into the public before undergoing a 14-day quarantine.
Italy was plunged into chaos as fatalities increased more than 50% to 366 and the government plans to lockdown large parts of the country’s north, or about 25% of the population, were leaked to the media.
Saudi Arabia cordoned off the oil-rich, predominantly Shia region of Qatif, suspended air and sea travel to nine countries and closed schools and universities as the number of cases in the kingdom continued to increase.
Organisers of the Australian Grand prix said there was “no chance” the race would be called off despite rising concerns about the event’s large crowds facilitating the spread of the disease. The race is set to kick off the Formula One season in Melbourne on Sunday.
Stock markets in Europe and the United States are braced for their biggest falls since the global financial crisis after the start of the trading week saw panic selling amid the double threat of a coronavirus-driven global recession and an oil-price war, Martin Farrer and Phillip Inman report.
The FTSE100 is projected to plunge by more than 7% when trading begins on Monday morning, while the Dow Jones industrial average is on course to lose 4.9% in New York.
It follows huge losses on Asian markets on Monday where fears about the worsening worldwide economic slowdown were exacerbated by the shock decision by Saudi Arabia over the weekend to increase oil production in an attempt to drive competitors such as Russia and the US out of the market.
The price of Brent crude oil fell nearly 30% to $21.14 on Monday, its biggest single fall since the start of the first Gulf war in 1991. Some experts predicted that it could fall even further unless the Saudis and Russians returned to the bargaining table.
“I think all forecasts are out the window,” said Jonathan Barratt, chief investment officer at Probis Securities in Sydney. “It seems like a race to the bottom to secure order(s).”
The Australian share market lost more than 7% as energy companies saw double-digit losses.
In Vietnam, the British foreign office has confirmed that it is in contact with Vietnamese authorities, over tens of international travellers who are being quarantined over fears they may have been exposed to coronavirus after taking a flight from London to Hanoi.
Seven British travellers are among those who have reportedly tested positive for the virus over recent days, prompting officials in the country to race to isolate any other passengers or contacts who may have been exposed. An Irish and a Mexican passenger are also reported to have been infected.
The country had reported no new cases for several weeks, after schools were closed and employees told to work from home in an effort to halt a potential outbreak. But over recent days 14 new cases have been recorded, bringing the total number of confirmed infections in the country to 30. Officials are considering asking all citizens to complete a health declaration form as a precaution.It is not clear how long tourists will be required to stay in quarantine. Karen Beland, whose friend is among those being isolated, said people have received little information about what is happening.Her friend had travelled to Vietnam for a once in a lifetime trip to celebrate her 60th birthday. On Saturday, the cruise boat on which she was staying in Halong Bay was stopped, and she was brought by ambulance to a quarantine centre along with other tourists.“They’re in a bare room, with six beds in a row with plastic mattresses, with no pillows, no sheets, no towels, and bars on the windows,” she said.“These are people in their 50s, 60s, 70s, stuck with very little information and until recently not very much food either,” she said, adding that one had been ill due to dehydration on Sunday morning. They have been in Vietnam for a week and have not experienced any symptoms, but are worried about staying in a quarantine facility with others who may be ill.The British Foreign Office said in a statement that it is “in close contact with the Vietnamese authorities” , adding: “We are providing consular assistance to the British people affected.“We advise all British nationals in Vietnam to follow our travel advice, which is kept under constant review.”
Over to Wuhan for a moment, where top party official has come under fire after saying the government would implement “gratitude education” so citizens can properly thank the Chinese Communist party for its efforts fighting the coronavirus outbreak.Over to Wuhan for a moment, where top party official has come under fire after saying the government would implement “gratitude education” so citizens can properly thank the Chinese Communist party for its efforts fighting the coronavirus outbreak.
In comments published on Saturday, Wuhan party secretary Wang Zhonglin said: “The people of Wuhan are heroic people who understand gratitude,” echoing previous comments by Chinese leader Xi Jinping.In comments published on Saturday, Wuhan party secretary Wang Zhonglin said: “The people of Wuhan are heroic people who understand gratitude,” echoing previous comments by Chinese leader Xi Jinping.
“[We] must through various channels carry out gratitude education among the citizens of the whole city as well as cadres so that they thank the general secretary [Xi Jinping], thank the communist party, listen to the party’s words, follow the party’s way, and create strong positive energy,” said Wang, who was sent to Wuhan in February to replace the former party secretary, amid rising public anger over local authorities’ handling of the crisis.“[We] must through various channels carry out gratitude education among the citizens of the whole city as well as cadres so that they thank the general secretary [Xi Jinping], thank the communist party, listen to the party’s words, follow the party’s way, and create strong positive energy,” said Wang, who was sent to Wuhan in February to replace the former party secretary, amid rising public anger over local authorities’ handling of the crisis.
Wang’s statement was met with such scorn that the party affiliated paper that published his comments, the Changjiang Daily, appeared to remove the original article. Chinese media has reportedly been instructed not to publish the article, publish commentaries or mention the incident in anyway.Wang’s statement was met with such scorn that the party affiliated paper that published his comments, the Changjiang Daily, appeared to remove the original article. Chinese media has reportedly been instructed not to publish the article, publish commentaries or mention the incident in anyway.
Australia ‘set for recession’Australia ‘set for recession’
Here’s a more on the ASX plunge today. Bloomberg Economics says the country is headed for recession: “Australia’s economy will record its first recession since 1991 as the hit from China’s virus-induced slowdown is amplified by slumping confidence and domestic disruptions from the outbreak intensifying Down Under, according to Bloomberg Economics’s James McIntyre.”Here’s a more on the ASX plunge today. Bloomberg Economics says the country is headed for recession: “Australia’s economy will record its first recession since 1991 as the hit from China’s virus-induced slowdown is amplified by slumping confidence and domestic disruptions from the outbreak intensifying Down Under, according to Bloomberg Economics’s James McIntyre.”
The Australian stock market has endured its worst day since the global financial crisis, with around $140bn wiped from the market over fears that a widespread outbreak of Covid-19 could tip Australia’s economy into recession, Katharine Murphy and Ben Doherty report.The Australian stock market has endured its worst day since the global financial crisis, with around $140bn wiped from the market over fears that a widespread outbreak of Covid-19 could tip Australia’s economy into recession, Katharine Murphy and Ben Doherty report.
Australia’s benchmark ASX200 share index market closed down 7.33% on Monday, shedding 455 points to 5,760 points. It was estimtaed that the overall loss of value from the market was around $140bn. The ASX 200 reached an all-time peak of 7,197 on 20 February.Australia’s benchmark ASX200 share index market closed down 7.33% on Monday, shedding 455 points to 5,760 points. It was estimtaed that the overall loss of value from the market was around $140bn. The ASX 200 reached an all-time peak of 7,197 on 20 February.
Oil stocks plunged and the price of oil fell by more than a fifth after Saudi Arabia slashed its official selling price and announced it would raise production. On some forecasts, retail petrol could be as low as $1 a litre in Australia soon.Oil stocks plunged and the price of oil fell by more than a fifth after Saudi Arabia slashed its official selling price and announced it would raise production. On some forecasts, retail petrol could be as low as $1 a litre in Australia soon.
The Australian dollar has been caught up in the sell-off and was trading as low as 63.98 US cents.The Australian dollar has been caught up in the sell-off and was trading as low as 63.98 US cents.
Confirmed cases of Covid-19, mainly among people who have travelled overseas, continue to grow across the country.Confirmed cases of Covid-19, mainly among people who have travelled overseas, continue to grow across the country.
New South Wales now has 46 confirmed cases, including the three schoolchildren, Queensland and Victoria 15 each. There are now 91 cases across Australia, with three deaths.New South Wales now has 46 confirmed cases, including the three schoolchildren, Queensland and Victoria 15 each. There are now 91 cases across Australia, with three deaths.
Australian treasurer Josh Frydenberg says the Morrison government will use the tax and transfer system to get financial support to Australian households as quickly as possible as part of a looming stimulus package to counter the negative economic impact of the coronavirus, Katharine Murphy and Amy Remeikis report.Australian treasurer Josh Frydenberg says the Morrison government will use the tax and transfer system to get financial support to Australian households as quickly as possible as part of a looming stimulus package to counter the negative economic impact of the coronavirus, Katharine Murphy and Amy Remeikis report.
Ahead of a cabinet deliberation about the stimulus package expected on Tuesday, the treasurer was asked by reporters on Monday how the government intended to administer assistance to households, given the Coalition has criticised the Rudd government’s stimulus package deployed during the global financial crisis.Ahead of a cabinet deliberation about the stimulus package expected on Tuesday, the treasurer was asked by reporters on Monday how the government intended to administer assistance to households, given the Coalition has criticised the Rudd government’s stimulus package deployed during the global financial crisis.
The ASX just closed with a 7.33% plunge, in the worst day of trading since the Global Financial Crisis. This represents around AU$140bn (US$90bn) being wiped off Australian shares. More soon...The ASX just closed with a 7.33% plunge, in the worst day of trading since the Global Financial Crisis. This represents around AU$140bn (US$90bn) being wiped off Australian shares. More soon...
The ASX is down 7.9%. Markets will be closing any minute now. We’ll have more exact figures soon, but this represents more than AU$130bn (US$85bn) being wiped off the Australian share market. This is the worst day of trading since the 2008 Global Financial Crisis.The ASX is down 7.9%. Markets will be closing any minute now. We’ll have more exact figures soon, but this represents more than AU$130bn (US$85bn) being wiped off the Australian share market. This is the worst day of trading since the 2008 Global Financial Crisis.
Mutual travel restrictions imposed by South Korea and Japan took effect on Monday, rekindling a diplomatic and economic feud between the old foes.Mutual travel restrictions imposed by South Korea and Japan took effect on Monday, rekindling a diplomatic and economic feud between the old foes.
South Korea suspended visas and visa waivers for Japan on Friday, after Tokyo announced travel restrictions, joining more than 100 other countries limiting arrivals from South Korea. The spat, together with oil price swings, sent South Korean shares and the won sharply lower and prompted the finance ministry to issue a verbal warning against disorderly market movement.South Korea suspended visas and visa waivers for Japan on Friday, after Tokyo announced travel restrictions, joining more than 100 other countries limiting arrivals from South Korea. The spat, together with oil price swings, sent South Korean shares and the won sharply lower and prompted the finance ministry to issue a verbal warning against disorderly market movement.
South Korean officials expressed hope on Monday that the country was nearing a “turning point” in the crisis, as the pace of new infections trended lower.
The Korea Centers for Disease Control and Prevention reported 69 new cases, continuing a downward trend. The death toll rose by one to 51
The new cases brought South Korea’s total infections to 7,382, while the death toll rose by one to 51, the KCDC said. The rate of increase in new infections fell to its lowest in 10 days on Sunday in one of the countries most severely affected outside mainland China. “I’m still extremely cautious, but there’s hope we can reach a turning point in the near future,” Prime Minister Chung Sye-kyun said on Monday before returning to Seoul from the hard-hit southeastern city of Daegu. Health authorities say the number of new infections being identified has dwindled as most of the roughly 200,000 followers of a fringe Christian church at the centre of the epidemic in Daegu have now been tested.
Staying in Western Australia for the time being, chief executive of east metropolitan health services, Liz McCloud is speaking about the clinics there, which she reiterates, “are to test those people who have cold and flu-like symptoms and have travelled overseas or believe they have in contact with a known case.”
In Western Australia, the state health minister Roger Cook says the state has confirmed its sixth case, in addition to the case reported this morning.
In Western Australia, the health minister Roger Cooke is speaking at one of the new Covid-19 clinics which will be open from 8am to 8pm tomorrow: “The way these clinics will work is they are available to anyone who is experiencing flu-like symptoms; Have travelled overseas in the recent past; have come in contact with someone who has travelled overseas or believe they have come in contact with someone with a positive diagnosis. We are expanding the role of the clinics from when we announced them on the weekend.”
As the coronavirus hits more US states, Democratic presidential candidate Bernie Sanders said Sunday his campaign is gauging when it may become necessary to cancel the large campaign rallies that public health experts say could be breeding grounds to spread the potentially deadly illness.
Obviously what is most important to us is to protect the health of the American people, Sanders said as he appeared in a series of TV interviews. “And what I will tell you, we are talking to public health officials all over this country.”On Sunday, Surgeon General Jerome Adams noted that the average age of death for people from the coronavirus is 80, while for those needing medical attention, it is 60.But that so far hasn’t led President Donald Trump or his two remaining major Democratic rivals, Sanders and Joe Biden, to cut back on big campaign events. Each man is in his 70s.The U.S. death toll from the virus has climbed to at least 21, with all but three victims in Washington state. The number of infections swelled to more than 500, scattered across the U.S.Still, concerns about the spreading virus haven’t stopped thousands from thronging campaign rallies in recent days. At a Trump rally last week in Charlotte, North Carolina, the virus threat didn’t deter enthusiastic fans who shared buckets of chicken fingers in the stands and dunked their hands into shared vats of popcorn while they awaited the president’s arrival.Sanders drew more than 7,000 to a convention hall in downtown Detroit on Friday night and his campaign said 15,000 people attended his rally in Chicagos Grant Park on Saturday.
Goldman Sachs cut its second- and third-quarter Brent price forecasts to US$30 per barrel, citing the oil price war between Russia and Saudi Arabia and a significant collapse in oil demand due to the coronavirus.
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the virus outbreak.
“The aggressive cut to Saudi’s Official Selling Prices and Russia’s reluctance to be pushed into a deal on Friday point to a low probability of an immediate (OPEC+) agreement,” Goldman said in a note dated March 8. A three-year pact between the Organization of the Petroleum Exporting Countries and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts and OPEC responded by removing all limits on its own production. Assuming no change in production policy, Goldman expects a supply deficit to emerge in the fourth quarter of 2020, which would run down excess inventories through 2021. The bank said the prospect of inventory draws would help prices to rebound to $40 per barrel by the end of this year.
In Australia, Sky News has reported that Prime Minister Scott Morrison is considering cash handouts to ordinary citizens as part of an expected A$10 billion (US$6.50 billion) fiscal stimulus package.However, the idea is facing fierce opposition from Finance and Treasury officials, Sky added. Also on the table are wage subsidies for small businesses and business tax incentives as Morrison’s government work to combat the economic impact of the coronavirus outbreak.
Mark Scott from the New South Wales Department of Education is speaking now about the new cases confirmed at schools this morning. “Apart from those students asked to self-isolate, [Willoughby Girls High School] will be open again on Wednesday morning. Epping boys high school was closed last Friday, and Epping boys high has opened this morning and is operating successfully.”
In Australia, New South Wales Chief Health Officer Dr Kerry Chant is speaking now. She says, “While we are actually expecting to see continued rises in case numbers, that reflects very strong health protection system. We want people that are returning from overseas who develop symptoms within 14 days to present for testing. And that allows us to act promptly at identifying contacts and breaking the chain of transmission.”
New South Wales state health minister Brad Hazzard says of the new cases, “There was a14-year-old boy and a 15-year-oldgirl, both at year 10 at St Patrick’s Marist College, Dundas. There was also a 12-year-old, a young lady from Willoughby Girls High School.
“In regard to the two young people from Dundas, St Patrick’s MaristCollege, their fathers, aged in their 50s, have also been confirmed as having the coronavirus. We have the year seven student, her mum has also been confirmed as having COVID-19. She’s a lady of Iranian origin, but hasn’t travelled recently. So there’s a lot of work to do there to determine the source of that particular infection.”