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| Coronavirus Live Updates: Markets Teeter, Anxiety Rises and Governments Struggle to Cope | |
| (about 1 hour later) | |
| 新冠病毒疫情最新消息 | 新冠病毒疫情最新消息 |
| From the snowy peaks of the Alps to the sun-drenched shores of Sicily, Italians woke up on Tuesday to the stark new reality of a nationwide lockdown. | |
| The sweeping order to impose severe travel limits across the whole country, announced on Monday by Prime Minister Giuseppe Conte in a prime-time news conference, was the latest escalation in Italy’s fight to slow the spread of the coronavirus, which is causing broad social and economic disruption around the globe. | |
| In the United States, Wall Street suffered its worst day in more than a decade on Monday, adding to losses in recent weeks that have evaporated some $5 trillion in stock market wealth. But European markets on Tuesday morning showed signs of stabilizing. | |
| President Trump is expected to unveil measures today intended to provide a stimulus to the economy and some form of relief to people who live paycheck to paycheck and for whom taking time off work because of illness — or to monitor possible exposure to the virus — could mean financial ruin. | |
| The fears that the U.S. economy will tilt into recession added to the deepening sense of anxiety worldwide. | |
| More than 114,000 cases of infection have been reported globally, and more than 4,000 people have died. But the numbers tell only a slice of the story. | |
| Fear and anxiety have outpaced the immediate danger. | |
| The speed at which the virus is moving has left public health officials rushing to catch up. | |
| New York State announced its first cases only a week ago. Now, with more than 140 confirmed cases, thousands find themselves under “self-isolation orders” — often with little guidance as to what that means. | |
| Hospitals across the United States have already reported shortages of a crucial type of respirator mask. | |
| Nationally, there were over 700 confirmed cases, but officials cautioned that the number was most likely higher as delays in testing have slowed efforts to get a more complete picture. | |
| In the scramble to take precautionary measures, cases of infection left offices empty — including NATO headquarters in Brussels and communal work spaces in Silicon Valley, Calif. — as workers were told to stay home. | |
| Spain, which has more than 1,200 cases, announced that schools in the Madrid area would be closed, adding 1.2 million children to the 300 million whose education has already been disrupted worldwide. | |
| The list of events being canceled also grows daily, with the St. Patrick’s Day parade in Dublin joining scores of concerts, book fairs and business conferences. | |
| But the global count of cases also includes more than 64,000 people who have recovered, according to Johns Hopkins University in Baltimore. | |
| In China, where the virus was first detected late last year, a dwindling number of new infections were reported. | |
| Get an informed guide to the global outbreak with our daily coronavirus | Get an informed guide to the global outbreak with our daily coronavirus |
| newsletter. | newsletter. |
| President Xi Jinping sought to demonstrate how the country was recovering by visiting the hardest hit city, Wuhan. | |
| But the real test will come when the travel restrictions are lifted in the region. Only then will it be clear whether China has managed to get control over the spread of the virus or simply earned a temporary reprieve. | |
| The Chinese leader, Xi Jinping, arrived in Wuhan on Tuesday, visiting the center of the global coronavirus epidemic for the first time since the outbreak began and sending a powerful signal that the government believes the worst of the national emergency is over. | |
| Mr. Xi’s visit was reported in a brief bulletin from Xinhua, the main official news agency, which said he had met with front-line medical workers, military personnel, community workers, police officers and officials. | |
| His trip is sure to be seen as a sign that China’s leaders believe that a series of draconian restrictions, including the lockdown of hundreds of millions of people starting in late January, had brought the outbreak under control. | |
| According to official data, coronavirus infections have recently receded in China, falling to a few dozen new cases every day, nearly all of them in Wuhan, the capital of Hubei Province. More than three-quarters of the 3,136 deaths recorded in China were in Wuhan, a city of 11 million. | |
| China said on Tuesday that it had recorded 19 new coronavirus infections, and 17 deaths, in the previous 24 hours. All but two of the newly confirmed infections were in Wuhan. | |
| In Wuhan, most residents remain under heavy restrictions. But growing numbers of neighborhoods across the city have been declared free of new infections, and officials have said that they could soon lift travel restrictions for some areas in Hubei Province. | |
| Provincial leaders said they planned to allow workers from the lowest-risk areas to soon return to work. | |
| Mr. Xi’s visit to a residential community under quarantine in Wuhan came just days after a delegation of top government officials toured another neighborhood in the city, only to be heckled by angry residents from their apartment windows. “Fake! Everything is fake!” shouted one resident, in a video widely circulated on social media. | Mr. Xi’s visit to a residential community under quarantine in Wuhan came just days after a delegation of top government officials toured another neighborhood in the city, only to be heckled by angry residents from their apartment windows. “Fake! Everything is fake!” shouted one resident, in a video widely circulated on social media. |
| Security officials were taking no chances on Tuesday. Images on Chinese social media showed security workers stationed in residents’ apartments, in an effort perhaps to prevent a repeat of last week’s disruptions. Videos showed Mr. Xi walking around a housing compound, cheerily waving to the residents above, who sat by their open windows, unable to leave their homes. | |
| The grand piazzas are empty. The traffic circles are quiet. And people who would normally be sipping their morning espresso in cafes from Milan to Rome are notably absent. | |
| Late Monday, Prime Minister Giuseppe Conte ordered the most severe nationwide limits on travel in Europe, adopting the playbook used by China to contain the virus. | |
| Such draconian measures will undoubtedly prove complicated in a society that prizes individual freedom. But Mr. Conte said that, with more than 9,000 cases of infection and nearly 50 deaths, drastic action was needed. | |
| The prime minister urged Italians to use the phrase “I am staying home” in the coming days and weeks. And on Tuesday morning, streets and markets were oddly devoid of bustle, suggesting people were taking heed. | |
| Travel was allowed for work, for health reasons and for trips to buy food and other supplies. But the police can impose penalties if the rules are broken. | |
| The Italian news agency ANSA reported on lines of up to an hour to enter supermarkets in Naples on Tuesday morning, with problems exacerbated by the mandate that people stand about three feet apart. | |
| The Italian national health system geared for an upsurge in critical cases, and the national procurement agency moved to buy equipment for thousands of new intensive care beds. | |
| Laura Castelli, deputy economy minister, told a radio program that payments on mortgages “for individuals and households,” would be suspended throughout Italy. The measure is likely to be part of a fiscal package to bolster the economy that the government is expected to discuss further on Wednesday. | |
| Investors moved back into the markets on Tuesday, a day after the coronavirus and a battle among major oil producers shook the global financial scene. | |
| European stocks opened higher, led by a rise of more than 2 percent in London. Asian markets finished higher as well. | |
| Futures markets indicated that Wall Street would follow the trend. | |
| The gains did not make up for the global plunge in markets on Monday. Wall Street posted its worst performance in over a decade. Some of the biggest financial exchanges in Asia and Europe flirted with, or crossed into, bear market territory. | |
| Markets still showed signs of nervousness on Tuesday. Yields on U.S. government debt rose slightly but remained close to record lows. The price of gold fell slightly on futures markets. | |
| President Trump has been promising the imminent arrival of a vaccine to halt the spread of the coronavirus. | President Trump has been promising the imminent arrival of a vaccine to halt the spread of the coronavirus. |
| Federal health officials have repeatedly pointed out that his timetable is off — it will take at least a year — but Mr. Trump’s single-minded focus on warp-speed production of a new vaccine represents a striking philosophical shift. | Federal health officials have repeatedly pointed out that his timetable is off — it will take at least a year — but Mr. Trump’s single-minded focus on warp-speed production of a new vaccine represents a striking philosophical shift. |
| For years, he was an extreme vaccine skeptic who not only blamed childhood immunizations for autism — a position that scientists have forcefully repudiated — but once boasted he had never had a flu shot. | For years, he was an extreme vaccine skeptic who not only blamed childhood immunizations for autism — a position that scientists have forcefully repudiated — but once boasted he had never had a flu shot. |
| At least a decade before Mr. Trump was elected president, with responsibilities that would include nominating experts to lead the nation’s health centers, the hotelier and commercial developer was holding forth with great confidence about medical topics. When an interviewer would note that physicians disagreed with the dim view he took of vaccines, Mr. Trump remained ever ebullient, impervious and dismissive of scientific authority. | At least a decade before Mr. Trump was elected president, with responsibilities that would include nominating experts to lead the nation’s health centers, the hotelier and commercial developer was holding forth with great confidence about medical topics. When an interviewer would note that physicians disagreed with the dim view he took of vaccines, Mr. Trump remained ever ebullient, impervious and dismissive of scientific authority. |
| While Mr. Trump was promising quick action on a vaccine, he also said on Monday that he would work with Congress on measures to bolster the economy following the steepest market drop in more than a decade, fueled by fear over the coronavirus outbreak. | |
| Mr. Trump told reporters at the White House that he would meet with Senate leaders and House Republicans on Tuesday to discuss a “very substantial” payroll tax cut and legislation intended to protect hourly wage earners who may have to miss work because of the virus. He also said he would ensure that the Small Business Administration extended more loans. | |
| “This was something that we were thrown into, and we’re going to handle it, and we have been handling it very well,” Mr. Trump said. | “This was something that we were thrown into, and we’re going to handle it, and we have been handling it very well,” Mr. Trump said. |
| Streets across New Delhi were eerily empty on Tuesday as families quietly observed Holi, choosing to stay at home rather than attend public celebrations of India’s second most important Hindu festival. | Streets across New Delhi were eerily empty on Tuesday as families quietly observed Holi, choosing to stay at home rather than attend public celebrations of India’s second most important Hindu festival. |
| The holiday, known as the festival of colors or the festival of love, is a celebration of good versus evil and marks the start of spring. Parks and streets across India are usually packed with people dancing to loud music and decorating one other’s faces with vibrantly colored powders, while children stage giant water fights. | |
| But this year, the government had a message: Shut it down. Last week, the Indian government encouraged citizens to cancel large Holi celebrations to stem the spread of coronavirus after the capital, New Delhi, declared its first case. | But this year, the government had a message: Shut it down. Last week, the Indian government encouraged citizens to cancel large Holi celebrations to stem the spread of coronavirus after the capital, New Delhi, declared its first case. |
| By Tuesday afternoon, it was clear the warning had worked. | By Tuesday afternoon, it was clear the warning had worked. |
| Every year, S.N. Sinha’s residential complex of about 1,300 apartments throws a massive Holi party in the community’s shared park. But this year they called the party off, citing government warnings about coronavirus. India has at least 44 cases and the number of confirmed infections rises every day. | |
| “Holi is the time of year when you meet all friends and relatives in a joyous and happy mood. But this year that mood is spoiled by coronavirus,” said Mr. Sinha, 65. | “Holi is the time of year when you meet all friends and relatives in a joyous and happy mood. But this year that mood is spoiled by coronavirus,” said Mr. Sinha, 65. |
| “I am sad and I miss my relatives and friends today,” he added. “Now we have to wait for one more year to have that fun.” | “I am sad and I miss my relatives and friends today,” he added. “Now we have to wait for one more year to have that fun.” |
| The sudden upheaval in the oil markets may claim victims around the world, from energy companies and their workers to governments whose budgets are pegged to the price of crude. | The sudden upheaval in the oil markets may claim victims around the world, from energy companies and their workers to governments whose budgets are pegged to the price of crude. |
| The fallout may take months to assess. But the impact on the American economy is bound to be considerable, especially in Texas and other states where oil drives much of the job market. | The fallout may take months to assess. But the impact on the American economy is bound to be considerable, especially in Texas and other states where oil drives much of the job market. |
| With the coronavirus outbreak slowing trade, transportation and other energy-intensive economic activities, demand is likely to remain weak. Even if Russia and Saudi Arabia resolve their differences — which led the Saudis to slash prices after Russia refused to join in production cuts — a global oil glut could keep prices low for years. | With the coronavirus outbreak slowing trade, transportation and other energy-intensive economic activities, demand is likely to remain weak. Even if Russia and Saudi Arabia resolve their differences — which led the Saudis to slash prices after Russia refused to join in production cuts — a global oil glut could keep prices low for years. |
| Many smaller American oil companies could face bankruptcy if the price pressure goes on for more than a few weeks, while larger ones will be challenged to protect their dividend payments. Thousands of oil workers could receive pink slips. | |
| The battle will impose intense hardship on many other oil-producing countries as well, especially Venezuela, Iran and several African nations, with political implications that are difficult to predict. | The battle will impose intense hardship on many other oil-producing countries as well, especially Venezuela, Iran and several African nations, with political implications that are difficult to predict. |
| The only winners may be drivers paying less for gasoline — particularly those with older, less fuel-efficient cars, who tend to have lower incomes. | The only winners may be drivers paying less for gasoline — particularly those with older, less fuel-efficient cars, who tend to have lower incomes. |
| “This is a clash of oil, geopolitics and the virus that together have sent the markets spiraling down,” said Daniel Yergin, an energy historian. “The decline in demand for oil will march across the globe as the virus advances.” | |
| Reporting and research was contributed by Jan Hoffman, Peter S. Goodman, Clifford Krauss, Claire Fu, Elsie Chen, Choe Sang-Hun, Maria Abi-Habib, Amber Wang and Zoe Mou. | Reporting and research was contributed by Jan Hoffman, Peter S. Goodman, Clifford Krauss, Claire Fu, Elsie Chen, Choe Sang-Hun, Maria Abi-Habib, Amber Wang and Zoe Mou. |