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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 stock market rout won’t reach the bottom until the coronavirus is contained in the United States, according to an Australian economist.
The Australian share market is now down 6.5% on what is proving to be one of the most disastrous days for the ASX200 in recent history. The mounting concerns about a global recession caused by the virus have been compounded by the shock decision by Saudi Arabia to start an oil price war, sparking a 20% fall in the cost of benchmark Brent crude. Stocks in Japan, Korea and Hong Kong are also deep in the red.
But despite an emergency rate cut by the US Federal Reserve last week there has been no let up in the selloff which is now into its third week.
David Bassnesse, chief economist at BetaShares Capital in Sydney, said on Monday that there could be buying opportunities for investors after such large falls but the market would not bottom out until the situation in the US was clearer.“We need a cellar sign that the outbreak in the US is contained but we’re not there yet because the number of cases and deaths is still on the rise. We have to see what happens with containment measures there, such as travel restrictions and shutdowns. “It’s hard to say that we’ve seen the last of the bad news. We need to see in the US the sort of containment of the virus that we’ve seen in China, if you believe the figures.“What is the mortality rate of this virus? They need to do more testing in the US. That is the key. Is it Spanish flu [that killed millions after the first world war], or is it swine flu, that infected 60 million people in the US in 209 according to some estimates but killed ‘only’ 12,000 people?”
Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabian state oil giant Aramco slashed its official selling price (OSP) and announced plans to raise crude production significantly, signalling the start of a price war.
Those moves came after Russia on Friday balked at OPEC’s proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, AFP reports. Saudi Arabia said it plans to boost crude output above 10 million barrels per day (bpd) in April after the current deal to curb production between OPEC and Russia – known as OPEC+ – expires at the end of March, two sources told Reuters on Sunday. Saudi Arabia cut its OSP for April for all crude grades to all destinations by anywhere from $6 to $8 a barrel, sending oil into a tailspin. Brent futures fell US$9.95, or 22.0%, to $35.32 a barrel by 6:34 p.m. EDT (9:34 am Monday AEDT), while U.S. West Texas Intermediate (WTI) crude fell $8.99, or 21.8%, to $32.29.
Earlier in the session, both contracts fell to their lowest since February 2016, with Brent down to $31.02 per barrel and WTI at $30. That puts Brent and WTI on track for their second biggest daily percentage drops in history behind declines for both in January 1991 over 30%.
Still in Australia for the moment, we have a bit more information on the coronavirus case at Willoughby Girls High school:
A letter sent from principal Ms E Diprose said the school will not be operational for the remainder of today, Monday 9 March, and tomorrow, Tuesday 10 March.
The letter to parents said:
The main takeaway from Australia’s shadow treasurer Jim Chalmers is that the economy was already in bad shape before coronavirus hit. “The government should be considering ways to get support into the hands of workers and businesses and communities as soon as possible,” he said.
Australia’s shadow treasurer Jim Chalmers says, “The response needs to be broad enough to make a difference and big enough and fast enough.”Australia’s shadow treasurer Jim Chalmers says, “The response needs to be broad enough to make a difference and big enough and fast enough.”
He is now talking about petrol retailers who, he says, “should not be taking us for mugs” by holding on to petrol price reductions. Australians need this price relief he says.He is now talking about petrol retailers who, he says, “should not be taking us for mugs” by holding on to petrol price reductions. Australians need this price relief he says.
Australia’s shadow treasurer Jim Chalmers is speaking now, with a much less reassuring message – albeit one focussed on criticising the government – listing the challenges faced by Australia’s economy beyond coronavirus.Australia’s shadow treasurer Jim Chalmers is speaking now, with a much less reassuring message – albeit one focussed on criticising the government – listing the challenges faced by Australia’s economy beyond coronavirus.
“This Coronavirus will have a very big impact on our economy and it warrants and demands a substantial response from our government. The economy was already weak, heading into the challenges of the fire season and the Coronavirus and now it is getting weaker. Already before the virus hit, we had slowing quarterly growth, annual growth was well below average, business investment went backwards for three-quarters in a row. We have got stagnant wages, very high household debt, issues with consumption and productivity.”“This Coronavirus will have a very big impact on our economy and it warrants and demands a substantial response from our government. The economy was already weak, heading into the challenges of the fire season and the Coronavirus and now it is getting weaker. Already before the virus hit, we had slowing quarterly growth, annual growth was well below average, business investment went backwards for three-quarters in a row. We have got stagnant wages, very high household debt, issues with consumption and productivity.”
Australian shadow treasurer Jim Chalmers is now speaking about the economy: “I am conscious that the stock market has again taken a big hit, as confidence here and around the world has suffered from the outbreak of the virus. I know it is having an impact on our dollar as well, which is lower again. There is a lot of anxiety and a lot of concern in our economy and in our community.”Australian shadow treasurer Jim Chalmers is now speaking about the economy: “I am conscious that the stock market has again taken a big hit, as confidence here and around the world has suffered from the outbreak of the virus. I know it is having an impact on our dollar as well, which is lower again. There is a lot of anxiety and a lot of concern in our economy and in our community.”
Brendan Murphy, Australia’s Chief medical officer, says “thousands” have been asked to self-isolate, but he does not have exact numbers.Brendan Murphy, Australia’s Chief medical officer, says “thousands” have been asked to self-isolate, but he does not have exact numbers.
The gist of that presser is:The gist of that presser is:
Return travellers with symptoms, get testedReturn travellers with symptoms, get tested
There has been only one case of community transmission in the countryThere has been only one case of community transmission in the country
The focus at the moment is therefore on return travellersThe focus at the moment is therefore on return travellers
Australian Chief medical officer Brendan Murphy is addressing media at the moment about the general status of the outbreak in the country.Australian Chief medical officer Brendan Murphy is addressing media at the moment about the general status of the outbreak in the country.
Asked whether those who have not had contact with recent travellers from China or South Korea, but have a runny nose, whether you should get a test, Murphy says:Asked whether those who have not had contact with recent travellers from China or South Korea, but have a runny nose, whether you should get a test, Murphy says:
Not unless you are a returned traveller and you have symptoms, symptoms that suggest you might have an upper respiratory infection - a cough, a significant runny nose and fever.”Not unless you are a returned traveller and you have symptoms, symptoms that suggest you might have an upper respiratory infection - a cough, a significant runny nose and fever.”
In Australia, we’re hearing from the chief medical officer Brendan Murphy, who says:In Australia, we’re hearing from the chief medical officer Brendan Murphy, who says:
Australia’s chief medical officer Brendan Murphy says pregnant women should take particular care with their health but that there haven’t been any major issues in pregnant women who’ve been infected – that’s the advice from China.Australia’s chief medical officer Brendan Murphy says pregnant women should take particular care with their health but that there haven’t been any major issues in pregnant women who’ve been infected – that’s the advice from China.
Australia’s chief medical officer Brendan Murphy is talking a bit about the special clinics being set up to deal with the outbreak.Australia’s chief medical officer Brendan Murphy is talking a bit about the special clinics being set up to deal with the outbreak.
“Sometimes they might be located within an existing clinic, but with a separate entrance. The idea is to keep potential cases away from the general community,” he says.“Sometimes they might be located within an existing clinic, but with a separate entrance. The idea is to keep potential cases away from the general community,” he says.
REPORTER: So they will be essentially in the suburbs and towns, more so than the major metro areas?REPORTER: So they will be essentially in the suburbs and towns, more so than the major metro areas?
Murphy: “We’re working for a range of them. It will be more difficult in rural and regional areas.”Murphy: “We’re working for a range of them. It will be more difficult in rural and regional areas.”
Australia’s chief medical officer Brendan Murphy says screening at the airport “hasn’t picked up many people so far. Most people end up becoming unwell when they come here. But we certainly do have very enhanced screening at the moment.”Australia’s chief medical officer Brendan Murphy says screening at the airport “hasn’t picked up many people so far. Most people end up becoming unwell when they come here. But we certainly do have very enhanced screening at the moment.”
Australia’s chief medical officer Brendan Murphy is addressing the media about the status of the coronavirus outbreak in the country. Asked about travel bans – given he has just said the most important consideration for the spread of the virus in Australia is from return travellers to monitor themselves and report to doctors if they have any symptoms:Australia’s chief medical officer Brendan Murphy is addressing the media about the status of the coronavirus outbreak in the country. Asked about travel bans – given he has just said the most important consideration for the spread of the virus in Australia is from return travellers to monitor themselves and report to doctors if they have any symptoms:
“Our current travel bans are proportionate. No more travel bans are recommended,” he says.“Our current travel bans are proportionate. No more travel bans are recommended,” he says.
In Australia, the country’s chief medical officer Brendan Murphy says:In Australia, the country’s chief medical officer Brendan Murphy says: