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Coronavirus live updates: stock markets plunge on global recession fears Coronavirus live updates: stock markets plunge on global recession fears
(31 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
China’s excessive coronavirus public monitoring could be here to stay
Over the last two months, Chinese citizens have had to adjust to a new level of government intrusion.
Getting into one’s apartment compound or workplace requires scanning a QR code, writing down one’s name and ID number, temperature and recent travel history. Telecom operators track people’s movements while social media platforms like WeChat and Weibo have hotlines for people to report others who may be sick. Some cities are offering people rewards for informing on sick neighbours.
Chinese companies are meanwhile rolling out facial recognition technology that can detect elevated temperatures in a crowd or flag citizens not wearing a face mask. A range of apps use the personal health information of citizens to alert others of their proximity to infected patients or whether they have been in close contact.
State authorities, in addition to locking down entire cities, have implemented a myriad of security measures in the name of containing the coronavirus outbreak. From top officials to local community workers, those enforcing the rules repeat the same refrain: this is an “extraordinary time” feichang shiqi, requiring extraordinary measures.
There’s ‘No chance’ of the Australian Grand Prix happening behind closed doors, organisers say.
Italian Formula One teams have started arriving in Australia and there is no chance of the opening grand prix of the season being cancelled, postponed or being held behind closed doors, despite fears over the coronavirus.
Andrew Westacott, CEO of the Australian Grand Prix Corporation, said on Monday the race will proceed as planned at Albert Park, after it was announced the next race on the calendar, the Bahrain GP on 22 March, will be run without spectators present. April’s Chinese Grand Prix has already been postponed.
The operator of cruise ship Costa Fortuna said it was heading to Singapore to end its journey on Tuesday as planned, after it was turned away from ports in Malaysia and Thailand over coronavirus fears.
Italian cruise line Costa Crociere said there were no suspected virus cases among its guests, which includes Italians – Italy has the largest number of cases of the virus outside China with 7,375 infections. Costa Crociere said it would cancel a cruise due to depart on March 10 from Singapore. Singapore port authorities have not yet said whether they would allow the ship to dock.
New Zealand Prime Minister Jacinda Ardern has announced the country will extend its ban on travellers from China and Iran for another seven days.
Walt Disney Co’s Shanghai Disneyland said on Monday it will resume a limited number of operations at its resort as part of the first step of a phased reopening, although the main theme park will remain shut amid worries about a coronavirus outbreak, Reuters reports.
A limited number of shopping, dining, and recreational activities would be available at Disneytown, Wishing Star Park and Shanghai Disneyland Hotel though they will operate under limited capacity and reduced hours of operation, Shanghai Disneyland said in a statement on its website. The Shanghai Disneyland had been shut from Jan. 25 to prevent the spread of the coronavirus.
How to boost your immune system to avoid colds and coronavirus
You’re washing your hands 10 times a day and have stopped touching your face. What else can you do to improve your health and avoid bugs?
Sheena Cruickshank, a professor of immunology at the University of Manchester, has a “shocking cold” when we speak at a safe distance, over the phone. To know how to take care of your immune system, she says, first you need to understand the weapons in your armoury – a cheeringly impressive collection, it turns out.
“When you come into contact with a germ you’ve never met before,” she says, “you’ve got various barriers to try to stop it getting into your body.” As well as skin, we have mucus – “snot is a really important barrier” – and a microbiome, the collective noun for the estimated 100tn microbes that live throughout our bodies, internally and externally. Some of these helpful bugs make antimicrobial chemicals and compete with pathogens for food and space.
In Australia, a notice was sent to the parents at Willoughby Public School today – the school shares grounds with Willoughby Girls, which confirmed a case of Covid-19 among one of its students today – saying it is “business as usual” for now.
Willoughby public has around 1,000 students from kindergarten to year 6.
Hong Kong has had its third Covid-19 death, a 76-year old woman who had an underlying health condition who had been diagnosed early this month, the Hospital Authority said on Sunday. Her husband has also been confirmed to have the virus. The two lived in Sham Shui Po in Kowloon.Hong Kong has had its third Covid-19 death, a 76-year old woman who had an underlying health condition who had been diagnosed early this month, the Hospital Authority said on Sunday. Her husband has also been confirmed to have the virus. The two lived in Sham Shui Po in Kowloon.
Hong Kong’s Centre for Health Protection said on Sunday that it was investigating five new cases, bringing the total confirmed infections in the city to 115. Two of the five new cases are related to a tour group that travelled to India.Hong Kong’s Centre for Health Protection said on Sunday that it was investigating five new cases, bringing the total confirmed infections in the city to 115. Two of the five new cases are related to a tour group that travelled to India.
Hong Kong stocks saw their worst fall in two years on Monday, with the Hang Seng index dropping by more than 4%, its worst one-day decline since February 2018.Hong Kong stocks saw their worst fall in two years on Monday, with the Hang Seng index dropping by more than 4%, its worst one-day decline since February 2018.
As China reported no new cases outside of Hubei province, optimism is growing in Wuhan. According to CCTV, 11 out of 14 temporary hospitals built to take patients with milder conditions have now closed. The three remaining hospitals have about 100 patients in each.As China reported no new cases outside of Hubei province, optimism is growing in Wuhan. According to CCTV, 11 out of 14 temporary hospitals built to take patients with milder conditions have now closed. The three remaining hospitals have about 100 patients in each.
Party secretary Chen Yixin said at a meeting on Sunday: “We cannot be blindly optimistic.. we must concentrate our efforts in wiping out [the virus] and at the same time plan ahead for the resumption of work and allow people to leave Wuhan orderly and in batches.” Deputy head of the central steering group leading the government’s response to the crisis Chen Yixin said at a meeting on Sunday: “We cannot be blindly optimistic.. we must concentrate our efforts in wiping out [the virus] and at the same time plan ahead for the resumption of work and allow people to leave Wuhan orderly and in batches.”
The message to doctors has always been clear: if you get sick, do it on your own time, writes Ranjana Srivastava.The message to doctors has always been clear: if you get sick, do it on your own time, writes Ranjana Srivastava.
“The rule of thumb in medicine is that if you aren’t sicker than your patients, you turn up to work.“The rule of thumb in medicine is that if you aren’t sicker than your patients, you turn up to work.
After all, a temporary viral illness is nothing compared to conditions that some other doctors endure: the death of a parent; a complicated pregnancy; and of course, mental illness whose manifestations are far harder to share than a fractured arm or a blinding headache.After all, a temporary viral illness is nothing compared to conditions that some other doctors endure: the death of a parent; a complicated pregnancy; and of course, mental illness whose manifestations are far harder to share than a fractured arm or a blinding headache.
Organisations are splashed with well-intentioned messages highlighting the importance of self-care and even offering free help, because we know all too well that illness doesn’t distinguish between patients and doctors.Organisations are splashed with well-intentioned messages highlighting the importance of self-care and even offering free help, because we know all too well that illness doesn’t distinguish between patients and doctors.
Unfortunately, like all attractive offers, there is a huge catch: in order to get better, you must be prepared to tax your fellow doctors. No one says you can’t take a day off, but it is an unspoken expectation that you will not be covered.”Unfortunately, like all attractive offers, there is a huge catch: in order to get better, you must be prepared to tax your fellow doctors. No one says you can’t take a day off, but it is an unspoken expectation that you will not be covered.”
The stock market rout won’t reach the bottom until the coronavirus is contained in the United States, according to an Australian economist.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.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.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 Bassnese, 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?”David Bassnese, 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.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.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%.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: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.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 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.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.
“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.”
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:
Return travellers with symptoms, get tested
There has been only one case of community transmission in the country
The 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.
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.”
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 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.
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.”
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:
“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: