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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
There are almost 110,000 confirmed cases of Covid-19 worldwide, according to Johns Hopkins. The total is currently 109,965. The total number of deaths from the virus stands at 3,824.
Of these:
80,735 are in Mainland China
7,375 are in Italy
7,313 are in South Korea
6,566 are in Iran
1,209 are in France
1,040 are in Germany.
Spain has the next highest number of cases, with 673, followed by the us with 547.
Germany announces economic measures to stall ‘corona-crisis’
Germany announced measures to boost its sputtering economy in the face of the fast-spreading coronavirus on Monday, while also calling for the cancellation of large events, AFP reports.
As the number of cases in Germany pushed beyond 900, Health Minister Jens Spahn said gatherings of more than 1,000 people should be scrapped.
Acknowledging the financial hit to organisers of such events in Europe’s biggest economy, Spahn said the government would help cushion the blow.
Germany has over the last week scrapped several huge fairs, including Berlin’s travel fest ITB, industrial show Hannover Messe and the Leipzig book fair.
The coalition “is taking action in the corona-crisis. Besides medical protection measures, we have agreed on a big aid package for the German economy,” tweeted Markus Soeder, leader of Merkel’s Bavarian allies CSU, calling the package “comprehensive”.
Rules governing compensation for workers forced to cut working hours because of the crisis will be eased, said the government in a statement after late-night talks.
The relaxed criteria will apply from April and will be valid up to the end of the year.
Berlin also pledged to draw up proposals on offering liquidity support for companies hardest hit by the impact of the outbreak.
Talks with key representatives of the German economy as well as trade unions will be held shortly on the proposals.
Separately, the government said it will also boost investments by €3.1bn per year between 2021 and 2024.
The total hike in investments totalling €12.4bn will be entirely funded by 2019’s budget surplus.
After what has been an incredibly tense day of news, Australia’s teenagers are here to offer some relief. While New South Wales Health Minister Brad Hazzard warned students on Monday that Covid-19 was “no joke”, toilet paper panic buying remains fair game.
The somewhat counterintuitive response to the outbreak of the novel coronavirus has become a meme on social media, with young Australian TikTok users mocking those who are stripping supermarket shelves bare..
The #ToiletPaperEmergency or the great #ToiletPaperApocalypse, as it was dubbed on Twitter, has inspired a wave of content on TikTok, the video app popular among teenagers and younger users.
One TikTok vidoe, set to the theme music used in the You Wouldn’t Steal a Car anti-piracy campaign of the 2000s, received 33,000 likes and features a young man parodying the ad.
Down, down, down: Global markets are bracing for a crash when they open, after some Asian markets suffered their worst falls since the GFC.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 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 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.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.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.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.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.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.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.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.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.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.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.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).”“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.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.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.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.”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.