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Coronavirus live updates: all of Italy to be placed under lockdown conditions US announces 'major' economic measures and 60 million Italians placed under lockdown – as it happened
(32 minutes later)
With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling Cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia. This blog is closed.
We are closing this blog now. Thanks for following along. Our new coronavirus live blog, with all the latest developments, is here.We are closing this blog now. Thanks for following along. Our new coronavirus live blog, with all the latest developments, is here.
Markets rallying after Donald Trump announces ‘major’ economic measures in response to coronavirusMarkets rallying after Donald Trump announces ‘major’ economic measures in response to coronavirus
The US President said his administration is proposing measures including working with hourly wage earners to ensure they can take time off and creating loans for small businesses so they can weather the coronavirus outbreak.The US President said his administration is proposing measures including working with hourly wage earners to ensure they can take time off and creating loans for small businesses so they can weather the coronavirus outbreak.
“This is something we were thrown into and we have been handling it”, Trump said.“This is something we were thrown into and we have been handling it”, Trump said.
Markets are already responding positively:Markets are already responding positively:
Scott Morrison is appealing to Australians’ patriotism to guide the nation through the spread of the deadly coronavirus as his government prepares to jettison its planned surplus, AAP reports.Scott Morrison is appealing to Australians’ patriotism to guide the nation through the spread of the deadly coronavirus as his government prepares to jettison its planned surplus, AAP reports.
But the prime minister has also reassured Australians his government won’t look at further cuts to essential services such as schools, hospitals and the NDIS as it deals with the economic impact of the health crisis.But the prime minister has also reassured Australians his government won’t look at further cuts to essential services such as schools, hospitals and the NDIS as it deals with the economic impact of the health crisis.
His government is putting the final touches on a stimulus package, expected to be worth as much as AU$10bn ($US$6.6bn).His government is putting the final touches on a stimulus package, expected to be worth as much as AU$10bn ($US$6.6bn).
In a speech to business leaders on Tuesday morning, Mr Morrison outlined seven principles guiding that economic response.In a speech to business leaders on Tuesday morning, Mr Morrison outlined seven principles guiding that economic response.
The coronavirus is a “new, complex, hydra-headed and rapidly evolving challenge”, Morrison told the Australian Financial Review summit in Sydney.The coronavirus is a “new, complex, hydra-headed and rapidly evolving challenge”, Morrison told the Australian Financial Review summit in Sydney.
“Whatever you thought 2020 was going to be about, think again,” Mr Morrison said.“Whatever you thought 2020 was going to be about, think again,” Mr Morrison said.
“We now have one goal together this year: to protect the health, the wellbeing and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well-positioned to bounce back strongly on the other side.”“We now have one goal together this year: to protect the health, the wellbeing and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well-positioned to bounce back strongly on the other side.”
It is important to remember the problem is only a temporal one, not structural, and learn the lessons of the global financial crisis, he said.It is important to remember the problem is only a temporal one, not structural, and learn the lessons of the global financial crisis, he said.
After plunging at the open, the ASX200 has clawed back most of its losses to be down just 0.8% by 11.10am. The monthly survey of businesses conducted by the NAB is due out at about 11.30am and could provide the market’s next cue.After plunging at the open, the ASX200 has clawed back most of its losses to be down just 0.8% by 11.10am. The monthly survey of businesses conducted by the NAB is due out at about 11.30am and could provide the market’s next cue.
The travel ban for international excursions for Western Australian schools has been extended due to the spread of coronavirus across the United States.The travel ban for international excursions for Western Australian schools has been extended due to the spread of coronavirus across the United States.
WA Education Minister Sue Ellery said her decision to extend the ban was following advice from the Chief Health Officer.WA Education Minister Sue Ellery said her decision to extend the ban was following advice from the Chief Health Officer.
Due to its close proximity to the US border, Canada has also been included.Due to its close proximity to the US border, Canada has also been included.
All public, private and Catholic schools will be banned from travelling to those countries.All public, private and Catholic schools will be banned from travelling to those countries.
New Zealand is the only country where international travel will be considered for WA school groups.New Zealand is the only country where international travel will be considered for WA school groups.
“We have a duty of care to school students and staff, with the aim of reducing the possibility of exposure to the coronavirus while overseas,” Ms Ellery said.“We have a duty of care to school students and staff, with the aim of reducing the possibility of exposure to the coronavirus while overseas,” Ms Ellery said.
In Australia, an additional eight cases have been confirmed in the state of New South Wales, bringing the the state’s total to 55.In Australia, an additional eight cases have been confirmed in the state of New South Wales, bringing the the state’s total to 55.
The latest cases include a woman in her 20s who had contact with a previously confirmed case at Ryde Hospital, a woman in her 40s who recently returned from South Korea and a Victorian man in his 20s who recently returned from Hong Kong.The latest cases include a woman in her 20s who had contact with a previously confirmed case at Ryde Hospital, a woman in her 40s who recently returned from South Korea and a Victorian man in his 20s who recently returned from Hong Kong.
NSW Health is separately working to establish how three others were infected: two women in their 30s and 40s and a man in his 70s.NSW Health is separately working to establish how three others were infected: two women in their 30s and 40s and a man in his 70s.
Two other cases are related to the outbreak at the Dorothy Henderson Lodge nursing home in Macquarie Park.Two other cases are related to the outbreak at the Dorothy Henderson Lodge nursing home in Macquarie Park.
Two year 10 students from St Patrick’s Marist College in Dundas and a year 7 pupil from Willoughby Girls High School were on Monday confirmed to have coronavirus.Two year 10 students from St Patrick’s Marist College in Dundas and a year 7 pupil from Willoughby Girls High School were on Monday confirmed to have coronavirus.
The fathers of the two St Patrick’s students are both Defence staff and had previously tested positive for the infection.The fathers of the two St Patrick’s students are both Defence staff and had previously tested positive for the infection.
NSW authorities are now investigating a coronavirus cluster centred around Ryde Hospital, the Australian Defence Force and Dorothy Henderson Lodge.NSW authorities are now investigating a coronavirus cluster centred around Ryde Hospital, the Australian Defence Force and Dorothy Henderson Lodge.
St Patrick’s Marist College and Willoughby Girls High School will be closed on Tuesday as a precautionary measure.St Patrick’s Marist College and Willoughby Girls High School will be closed on Tuesday as a precautionary measure.
Hi, Helen Sullivan here. I’ll be taking over the blog for the next while.Hi, Helen Sullivan here. I’ll be taking over the blog for the next while.
The coronavirus crisis has edged closer to the Oval Office after it emerged that Florida congressman Mark Gaetz, who travelled with Donald Trump on Air Force One from his state to Washington on Monday, is now in self-isolation.The coronavirus crisis has edged closer to the Oval Office after it emerged that Florida congressman Mark Gaetz, who travelled with Donald Trump on Air Force One from his state to Washington on Monday, is now in self-isolation.
He took the action after it emerged that he was one of several Republican lawmakers who were exposed to a person at last month’s Conservative Political Action Conference who tested positive for the virus.He took the action after it emerged that he was one of several Republican lawmakers who were exposed to a person at last month’s Conservative Political Action Conference who tested positive for the virus.
The president meanwhile continued to play down the impact of the virus and again compared it with the common flu.The president meanwhile continued to play down the impact of the virus and again compared it with the common flu.
He blamed the stock market collapse on Monday on the oil price war and “fake news”.He blamed the stock market collapse on Monday on the oil price war and “fake news”.
We’ll have a full story on this shortly, so stay tuned.We’ll have a full story on this shortly, so stay tuned.
We’ve got more on the Australian share market from our business editor, Ben Butler, including news that while the Qantas boss was speaking, the airline’s shares fell 6%:We’ve got more on the Australian share market from our business editor, Ben Butler, including news that while the Qantas boss was speaking, the airline’s shares fell 6%:
A 3.7% fall in the Australian market this morning has been driven by tumbling airline, retail and financial stocks.A 3.7% fall in the Australian market this morning has been driven by tumbling airline, retail and financial stocks.
Oil and gas producers have also been punished for a second day running after Saudi Arabia flooded the market with cheap crude.Oil and gas producers have also been punished for a second day running after Saudi Arabia flooded the market with cheap crude.
Australia’s flag carrier, Qantas, plunged more than 6% after the opening bell after telling the market it has slashed international routes by a quarter due to the coronavirus outbreak.Australia’s flag carrier, Qantas, plunged more than 6% after the opening bell after telling the market it has slashed international routes by a quarter due to the coronavirus outbreak.
Travel groups Flight Centre and Webjet also tumbled more than 5%. Woodside Petroleum slumped 4.4% and Whitehaven Coal crumbled by 6.6%.Travel groups Flight Centre and Webjet also tumbled more than 5%. Woodside Petroleum slumped 4.4% and Whitehaven Coal crumbled by 6.6%.
In tumultous early trading oil and gas producer Santos, which on Monday crashed 27%, opened down by 4% before surging to be up about half a percent by 10.30am.In tumultous early trading oil and gas producer Santos, which on Monday crashed 27%, opened down by 4% before surging to be up about half a percent by 10.30am.
Insurance companies have been hit hard, with QBE shedding 4.2%, bancassurance Suncorp down 3.4% and insurance sales group Steadfast diving 5.9%. The medical sector is also in the gun - private hospital operator Ramsay Health shed almost 7%.Insurance companies have been hit hard, with QBE shedding 4.2%, bancassurance Suncorp down 3.4% and insurance sales group Steadfast diving 5.9%. The medical sector is also in the gun - private hospital operator Ramsay Health shed almost 7%.
As we reported earlier, the Australian airline Qantas has reduced its flights by a quarter in the wake of falling demand for flights.As we reported earlier, the Australian airline Qantas has reduced its flights by a quarter in the wake of falling demand for flights.
Qantas chief executive Alan Joyce, who earned A$24m last year, will forgo his salary for the rest of the financial year. Staff will be asked to take unpaid annual leave to avoid job cuts as the business deals with the crisis.Qantas chief executive Alan Joyce, who earned A$24m last year, will forgo his salary for the rest of the financial year. Staff will be asked to take unpaid annual leave to avoid job cuts as the business deals with the crisis.
He is giving a media conference now and said that it’s a question of “survival of the fittest” in the airline industry, which has been hit very hard by the outbreak. He insisted Qantas was well-placed to deal with the crisis which has already accounted fior Flybe in the UK.He is giving a media conference now and said that it’s a question of “survival of the fittest” in the airline industry, which has been hit very hard by the outbreak. He insisted Qantas was well-placed to deal with the crisis which has already accounted fior Flybe in the UK.
Joyce said:Joyce said: