The president attributes the sale of shares to “fake news” and the oil-value war between Saudi Arabia and Russia. Crude oil stocks plummet as U.S. stocks fall and cause market to close because investors set bonds
Song Jung-a from Seoul
North Korea fired 3 unidentified shells on Monday, the South Korean military said, a week after the launch of two short-range missiles, expanding security risk as South Korea struggles to involve a coronavirus outbreak.
Seoul’s Joint Chiefs of Staff said the shells were fired from a city in North Korea’s Hamgyong province into the Sea of Japan. He said South Korea maintained a position of readiness for future releases imaginable.
Pyongyang fired two short-range missiles last week off the east coast of the country towards the Sea of Japan. In recent days, North Korean leader Kim Jong Un oversaw full-weapons drills at the country’s first weapons control since last November.
The most recent projectile launch comes at a time when North Korea is facing an imminent threat of a coronavirus disaster. North Korea’s state-of-the-art Central Television said Sunday that the country had freed another 3,650 people aged 40.
According to North Korean state media, as many as 10,000 people were placed under quarantine for symptoms of the coronavirus,which has swept through neighbouring China and is spreading fast in South Korea.
North Korea has still reported shown cases of coronavirus, and Pyongyang moved temporarily to close its border with China after the virus emerged from Wuhan in January. But analysts have warned that the country is particularly vulnerable because of its poor public fitness system.
Hudson Lockett from Hong Kong
A 30% drop in oil costs on Monday sent shockwaves to global money markets that were already reeling from coronaviruses.
Brent crude, the foreign benchmark index, rose from $45 a barrel to $31.02 in one of the biggest one-day falls in its history, as investors were frightened by Saudi Arabia’s resolve to launch an effective war.
U.S. equity futures fell in Asian trade, and S.P.500 is expected to fall 5 percent when Wall Street opened later Monday and the FTSE 100 fell 3.7 percent.
The U.S. reaction to coronavirus has been criticized for being too slow and missing transparency to the number of instances in the country.
A White House coronavirus expert warned Sunday that the growing number of cases in the United States made it difficult for others to contract the virus, intensifying fears that others would attend primary schools in the country.
Shares in the Asia-Pacific region fell sharply in the opening, with Sydney’s S-P/ASX falling by two hundred percent at the start of the consultation and on the way to the worst day fall since the global currency crisis. In Tokyo, the Topix fell 3.3% in the opening.
Investors amassed shelter assets, causing the yield on 10-year U.S. Treasury bonds to fall more than a quarter of a percentage point to a record 0.4949 percent. Yields fall as bond costs rise. Gold rose 1.6% to $1,700.66 an ounce.
The US dollar fell partly against its foreign peers, with the dollar index losing 0.5 Array The Japanese yen rose 1.8% against the dollar to 103.53 yen, surpassing 104 yen for the first time in more than 3 years. The euro earned up to $1,1394, a maximum of eight months.
The Chinese fitness government reported 40 new cases of coronavirus at the end of Sunday, up from 44 the day before. This brought the total of mainland China to 80,965. Wuhan, the source of the epidemic he now has around the world, reported 36 of the day’s cases.
The National Health Commission reported 22 deaths, bringing the total number of deaths to 3,119.
Jamie Smyth from Sydney
Flight Center Ltd and Air New Zealand on Monday introduced a new discount on fees and ability to react to a collapse in reserves related to the coronavirus outbreak.
The resolution comes amid the considerations of developing investors over corporations with high debt in the tourism and sectors.
New Zealand’s largest airline said Monday that the monetary effect on the virus would be greater than it had guided just two weeks ago in its interim results. The airline said it was not in a position to offer new profit prospects.
“We are tracking reserves and in recent days we have noticed an additional decrease that matches Covid-19’s propagation media policy in the maximum number of countries in our network, as well as here in New Zealand,” said Greg Foran, manager of Air New Zealand. Director.
In response, Foran said the airline is implementing additional capacity reductions, which would reduce overall capacity to Asia by a quarter and national capacity by 10%. He said the airline would defer non-urgent capital expenditures and non-critical business activities. Air New Zealand is implementing a hiring freeze, extending the freezing of executive salaries in the position since May 2019 and Foran has voluntarily proposed to reduce its base salary through NS Zealand by $1.65 million through 15%.
Flight Center, a Brisbane-based company and one of the world’s largest agencies, said Monday that it was asking workers to take unpaid leave or reduce their working hours to reduce costs.
“While it’s quieter than normal, it makes sense to encourage people to take leave or to operate more flexibly,” said a Flight Centre spokesman.
“A week of shorter paint is one of the features that have been made for our groups and sales over the coming months.”
Charge relief in the industry comes when investors are closely looking at the monetary strength of airlines and similar industries. The shares of Virgin Australia, Australia’s second-largest airline, are traded at a minimum of 10 years of just over A$0.08 following a resolution through credit rating firm SP to downgrade Virgin’s rating to negative and warn of its debt to earnings before interest, taxes and depreciation. depreciation. 6 times for the year ended June 30, 2020.
Virgin, which held individual investor meetings on Friday, said the organization retained monetary flexibility and maintained a monetary position of more than A$1 billion.
Jamie Smyth from Sydney
Australia’s inventory market suffered its biggest decline since the global currency crisis of 2008 when investors reacted to falling oil costs and continued coronavirus.
More than A$100 billion eliminated from the share price in the first two hours of trading, with the ASX index falling by 6% to 5,859.6.
Oil and fuel manufacturers suffered most of the sale, with Santos wasting a quarter of its price of A$4.96, Origin Energy falling 14% to A$5.84 and Oil Search dropped 30% to A$3.54 just after noon.
These measures came after the 30% fall in the value of oil, causing shockwaves through global money markets.
BHP shares fell by almost 12% to A$28.35 while Rio Tinto fell 8% to A$79.28.
Song Jung-a from Seoul
The number of new cases of coronavirus is shrinking in South Korea as officials accentuate efforts to engage the virus epidemic with competitive systems across the country.
Health officials said Monday morning that there had been 248 new infections in South Korea, bringing the total to 7,382, which remains the largest number of cases outside China. But the number of new cases shown decreased over three consecutive days, an additional death brought the death toll to 51.
South Korean Prime Minister Chung Sye-kyun on Monday expected the country to locate “a point of rapidest or later turning” into the immediate spread of the fatal virus in the country.
Chung connected the slowdown in the construction rate with the fact that the evidence for the 210,000 fans of the Church of Jesus Shincheonji, which is at the center of the epidemic, is coming to an end.
Health officials said Monday that the country could impose fines of up to 10 million won ($8,307) if a user with symptoms refuses to get tested or stops. The government conducted a total of 189,236 tests, of which 171,778 were negative. Approximately 17,458 tests are ongoing.
On Monday, the government imposed a rationing formula to alleviate the shortage of masks, restricting the number of masks that the user can buy according to the week.
The spread of COVID-19 also worsens the country’s relations with Japan. South Korea announced Friday that it would suspend visa waivers for Japan in protest at Tokyo’s restrictions on South Koreans. More than a hundred countries have imposed restrictions on arrivals from South Korea.
Earlier in the day, North Korea fired short-range projectiles of “various types” from its east coast in the Sea of Japan, despite the imminent threat of a coronavirus crisis sweeping the country. The projectiles flew up to two hundred kilometers with a peak of about 50 kilometers, according to the South Korean army.
Primrose Riordan Reports of Hong Kong
China’s largest drug distributor, Sinopharm, said it expects its first quarter functionality to “decrease significantly” from last year in a Hong Kong inventory exchange that warned of the gains.
The company said its net profit fell by 50% in January and February to the same era the previous year.
Regular drug sales through hospitals and pharmacies were disrupted by coronavirus, the company said, adding that the implementation of public drug policies has also damaged its income separately.
Sinopharm has announced that it will publish its effects by the end of April.
The Disney hotel in Shanghai announced the first level of a “gradual reopening,” with several spaces re-operating while the main park closed indefinitely.
In a statement, the station said:
Shanghai Disneyland remains closed while we continue to monitor fitness and protection situations to a large extent and follow the orders of government regulators. However, as a first step in a slow reopening, the Shanghai Disney Resort will partially resume operations on March 9, 2020 with a limited number of shopping, dining and recreation reports in Disneytown, Wishing Star Park and Shanghai Disneyland Hotel. Each of these complexes will work with limited capacity and reduced opening hours.
Shanghai Disneyland closed for six weeks after the coronavirus outbreak. Disney parks in Tokyo and Hong Kong have also closed in recent weeks as the virus spreads.
Jamie Smyth from Sydney
The Australian dollar experienced a “sudden collapse” on Monday, falling nearly 5% against the US dollar in just 20 minutes when the currency fell to its lowest point since the 2008 global currency crisis.
The sale followed a collapse in oil costs and the development of investor fears about the option of a global coronavirus-related recession.
Several commodity-related currencies such as the Mexican peso, the Norwegian krone and the Russian ruble also fell dramatically in foreign exchange markets.
The Australian dollar, the fifth largest traded currency in the world, rose from $0.66 to $0.6313 against the US dollar, an era of frantic trading at a time after 12:30 p.m. It then bounced above $0.65 later in the afternoon.
Traders said the sudden drop was probably due to algorithmic trading platforms that had an effect on market liquidity.
“The characteristics of bungee jumping movements don’t make sense,” said Ray Attrill, head of exchange rate strategy at National Australia Bank.
But he said the fall in oil was bad news for the Australian dollar, given his position as one of the world’s largest exporters of liquefied herbal gas.
Simeon Kerr from Dubai
Saudi Arabia suspended travel to nine countries, adding its Gulf neighbors, as the coronavirus spreads the kingdom.
The official news firm said Monday that citizens and foreigners will not be able to travel to the United Arab Emirates, Bahrain, Kuwait, Egypt, Iraq, Lebanon, Syria, Italy and South Korea.
The government also said it would prevent flights to and from those countries. Airlines began postponing operations on Monday. Abu Dhabi’s Etihad said flights to the kingdom had been suspended indefinitely. Emirates said flights until March 11 would be cancelled.
The government prolonged the prohibition of transience for people seeking to enter the kingdom from those countries, or who had been there in the following 14 days.
Restrictions were imposed because the Department of Health reported 4 new cases, adding a U.S. resident. Returning from the Philippines and Italy. The new instances raise the Saudi total to 15.
The strictest restrictions on some of Saudi Arabia’s closest allies and economic partners come after the government sunday blocked Qatif District, north of the oil-rich city of Dammam.
Most Saudi cases have been recorded among citizens of Qatif, where the virus comes from Americans returning from Iran, the highest regional state affected by the epidemic.
Mandarin Oriental said it expects to be “significantly affected” by coronavirus in Hong Kong, and is “cautious” for the 2020 outlook.
“The group’s functionality is mainly affected by the ongoing coronavirus, particularly in Hong Kong. The effects for the rest of the year will depend on the duration, geographical extent and will have an effect on the coronavirus and the measures taken to control it,” he said. President Ben Keswick, as an organization, published its effects for the 12 months until the end of December.
He said it was difficult to say whether the effect in East Asia would be repeated in other parts of the world. Tourism has declined in Asia, while requests for foreign travel have been affected by the virus, forcing airlines to suspend routes, especially to China.
Hotel occupancy rates in Hong Kong fell to 59% in January from 92% of the previous year, according to government figures, because of the effects of coronavirus and political unrest that had frightened territory.
Kewswick said he is “cautious” because there are economic and political uncertainties in many of the hotel organization’s markets. The organization reported a loss of $55 million for 2019, compared to a profit of $43.4 million the previous year amid declining revenue in Hong Kong, as the city experienced widespread protests and after the closure of The Excelsior hotel in the territory.
Mercedes Ruehl, Singapore
An Italian cruise ship that has been rejected through Thailand and Malaysia will be able to dock in Singapore tomorrow.
The Costa Fortuna, which on a 14-day adventure from the city-state, has a capacity of more than 3,000 passengers.
Cruise ships across Asia have struggled to dock over the next month amid fear of coronavirus among its passengers.
No one aboard the Costa Fortuna tested positive for the virus or is suspected of using it, according to corporate cruise officials.
However, all passengers and equipment will be reviewed on board before being allowed to disembark, the Singapore Maritime and Port Authority and the Singapore Tourism Authority said in a joint statement.
The cruise is prohibited from docking in Phuket, Thailand and Penang, Malaysia.
The scenario is similar to that of the cruiser Westerdam, which sailed through the South China Sea in February without being able to dock until he was allowed to dock in Cambodia.
Jamie Smyth from Sydney
Australia will suffer its first recession in 29 years due to the effect of coronavirus, according to Westpac’s revised economic forecasts.
Australia’s largest bank through market capitalization said Monday expects the economy to contract at 0.3 consistently with pennies in the first and quarters, respectively, which would be a technical recession.
But it expects the economy to recover strongly in the third and fourth quarters, causing gross domestic product to increase overall to 1.6% in the 12 months through the end of December.
“This expansion profile is a technical recession, however, given the expected recovery at this time of year, it is much more realistic to characterize the scenario as a ‘significant disruption’ of expansion than as the recessionary flavor Australia has experienced in the past, said Bill Evans, Chief Economist Westpac.
He said unemployment is expected to remain below 6 per cent, in contrast to 11 per cent, consistent with the unemployment rate in Australia’s last two recessions.
Evans said the forecast took into account a fiscal stimulus package that was lately ready through Canberra.
Australia has had a record 29 years of recession.
Returns on global stocks and government bonds fell after the value of oil fell by nearly a third, as the prospect of a war over the value of crude oil hit markets already reeling from the coronavirus outbreak. Find out more here.
The number of new coronavirus cases in South Korea has slowed for the third day as a result of major efforts.
Shanghai Disney has announced that it will begin a “gradual reopening” with a limited number of hotel facilities, such as stores, that will resume operations from Monday. The number of new cases in China fell to 40 on Sunday.
Saudi Arabia has prohibited its foreign nationals and citizens from traveling to nine countries to prevent it from spreading coronavirus.
Tourism-related ones are feeling the effects of cooling as the coronavirus spreads, with Air New Zealand and Flight Center introducing cost-cutting measures.
John Reed from Bangkok
Thailand has put in place strict regulations requiring airlines to suit passengers in South Korea, China, Hong Kong, Macau, Italy and Iran before allowing them to board flights.
Carriers will be required to carry out passenger fitness checks at check-in and passengers will be asked to present a certificate of fitness “certifying that they pose a threat of coronavirus disease,” according to guidelines, dated March 8 and published on Monday.
The difficult measures come at a time when Prayuth Chan-ocha’s Thai government is criticized by the public for its handling of the COVID-19 epidemic. The epidemic has caused arrivals to the country to decline, threatening its economic tourism industry.
Thailand last week designated these six countries and territories as “dangerous spaces for communicable diseases” and imposed a mandatory 14-day self-quathing requirement for those who came. The new regulations impose a fine of 20,000 Thai baht ($633) on those who do not comply, but there is confusion as to how the new regulations will be implemented or the countries that will be applied.
To date, Thailand has shown 50 of the disease.
European stocks were expected to fall after a collapse in oil costs caused shockwaves in global markets on Monday.
Futures show a 6.8% drop for London’s FTSE 100, which is complete with power companies. If futures are not the best signals to a market’s performance, such a move would bring the worst day of the top-tier index since the depths of the 2008-09 currency crisis.
Other European markets were expected to show similar falls, with the German Dax and French Cac 40 reporting an accumulation of approximately 7% less.
The German government has presented a package of measures to help companies affected by the coronavirus outbreak and has promised a capital spending frenzy of 12.4 billion euros over the next 4 years, as considerations of the effect of the virus on the eurozone’s largest economy. intensify, writes Guy Chazan in Berlin.
The measures were agreed after a seven-hour assembly of the leaders of the three parties of the “grand coalition” on Sunday night.
The centerpiece of the package is an effort to make it less difficult for corporations to access Kurzarbeit funds. Kurzarbeit is a government-subsidized program that was used wisely during the 2008-2009 currency crisis, which allows corporations to reduce working hours in an economic recession without having to fire them. The government has announced that it will help corporations in a liquidity crisis with promises of export credits and tax breaks for corporations hardest hit by the epidemic.
According to a survey last week, some German companies expect their incomes to fall this year, thanks to the crown epidemic. The German Chamber of Industries and Commerce (DIHK) survey of 10,000 companies showed that industrial exhibition operators, hotels and tourism corporations were the most affected. DIHK demanded a quick aid package, adding tax exemptions and less difficult access to state funds like Kurzarbeit.
But a proposal through the centre-left Social Democrats to push for the abolition of the “solidarity oversteasment” for 90% of taxpayers within six months rejected through Angela Merkel’s Christian Democratic Union. The surcharge applied in 1991 to help pay for reunification between East and West Germany.
The parties agreed to increase federal investment between 2021 and 2024 through 3.1 billion euros in line with the year and “enable new priorities for the song of 12.4 billion euros”.
Saudi Aramco’s inventories fell by 10% at the opening of Riyadh’s Tadawul inventory bag, leaving it further below its IPO value in December after the kingdom triggered a competitive war over the value of oil.
Riyadh’s risk of improving its crude oil and increasing production propelled Brent, the foreign oil indicator, to $31.02. It recently fell 25% to $33.91.
Aramco’s shares fell by 9.1% yesterday. Today’s fall leaves them at SR27 ($7.46), which exceeds the IPO value of R32 in line with the quota.
Max Seddon in Moscow reports:
The ruble fell to a four-year low early Monday after the collapse of OPEC talks, which saw Saudi Arabia and Russia launch a war on the value of oil, causing the value of crude oil to fall by 25% to $32 a barrel.
The Russian Finance Ministry said it would spend a $150 billion war chest to build Russia’s budget after the ruble rose from 68 to a dollar in the final closure of global markets to nearly 73, the weakest since January 2016. to a public holiday.
The Finance Ministry said it would spend foreign exchange reserves on its national wealth fund for the social and stimulus systems of President Vladimir Putin, which it considers imperative to revive Russia’s moribund economy, while oil costs remain low.
Moscow has eliminated surplus oil and fuel profits above a balance of $42 consistent with the barrel at the bottom of the fund in recent years through a “tax rule.”
“In the event that costs remain stable, the presence of sufficient liquid assets in the NWF ensures that the government can meet its obligations and macroeconomic and monetary stability,” the Ministry of Finance said.
The $150 billion national wealth fund, which accounts for 9.2 percent of Russia’s gross domestic product, is enough to cover oil costs at existing levels for six to ten years, the ministry added. If the fund’s liquidity falls below 5% of Russian GDP, the ministry will restrict spending to a maximum of 1% of GDP according to the year.
The Finance Department has stated that it will probably also suspend government bond auctions due to market volatility. The central bank said it would suspend the draft bills of the budget rule for 30 days in order to “strengthen the predictability of economic policy movements and economic market volatility” after the fall in the price of oil.
By Song Jung-a in Seoul
More than 60 quarantined foreigners for more than a month in Pyongyang were able to leave the country on a special flight on Monday, as North Korea faces an expansion of coronavirus outbreaks.
An Air Koryo flight led diplomats and other foreigners on the country’s first advertising flight that left North Korea and landed Monday in Vladivostok, in Russia’s Far East, according to NK News and FlightAware flight tracking.
North Korea, which has not yet reported a proven case of Covid-19, has quarantined 10,000 other people to prevent the virus from outbreaking. Nearly 40% of them have been released in their 40s, according to North Korean media.
North Korea acted swiftly to close borders as reports of the virus emerged from Wuhan in January. Pyongyang imposed tougher quarantine measures on foreigners. About 380 foreigners were placed under quarantine for about a month and 221 of them have been released after North Korea lifted the restrictions last week.
“It is unfortunate to say goodbye this morning to colleagues at the German embassy and the French workplace #Nord Korea who are temporarily closing,” tweeted Colin Crooks, the British ambassador to Pyongyang. He added that the British embassy would remain open and other embassies in Pyongyang would temporarily close.
“I’ve been happier to be in Kim Il Sung Square,” Swedish Ambassador Joachim Bergstrom tweeted last week with a selfie.
North Korea banned foreign tourists and reduced industry with China, calling its fight against the virus a “domestic existence.” Experts warned that the country is vulnerable due to its poor public conditioning system.
Italy’s sovereign bonds have fallen as the effect of the coronavirus has strengthened its control over the economy of the north of the country.
The 10-year yield, which moves at 70 years, rose 0.264 percentage emissions to 1.34%, as of January 22. The two-year yield rose through 0.39 percentage emissions to 0.43%.
This caused the gap between the 10-year safer German Bund performance and its Italian counterpart at 2.17 percentage emissions, up from 1.81 percentage emissions at the end of last week. The growing hole has indicated that investors are fleeing the riskiest Italian asset because of the perceived security of German securities. The performance of the 10-year reference German Bund fell to an all-time low of 0.834 percent.
The death toll from the virus in Italy soared over the weekend. The last death toll of 366 makes Italy the most affected country after China.
America’s sovereign debt has increased dramatically as oil collapse and growing considerations about the coronavirus outbreak are pushing investors to take refuges.
The yield on the 10-year benchmark Treasury note fell by 0.375 percent in emissions to 0.36 percent, marking a new record debt charge for U.S. sovereign debt. The value of debt to other maturities also increased, with treasury spending yields falling sharply to two and 30 years.
On the other side of the Atlantic, bonds considered paradises in times of market turbulence also recovered. The performance of the German 10-year Bund fell by 0.126% in emissions from less than 0.845%, also an all-time low.
Investors have rushed to the perceived debt security of the U.S. and German governments in weeks, as riskier asset markets, such as stocks, have faced sharp declines.
The 10-year U.S. rate has fallen through 1.5 percent emissions so far from 2020, the biggest drop since the global currency crisis in 2008. The measure came at a time when the Federal Reserve has already cut the prices of daily loans across the a.d. percentage point at the biggest cut. since the crisis.
Investors said additional action would possibly be needed through the Fed and other central banks as they review the global economy.
Oil-producing currencies suffered intense stress this morning after the Brent foreign benchmark index fell by almost a third.
“Economically, primary oil exporters will face unwanted additional drag on growth,” said Kit Juckes of Societe Generale. Added:
Oil is a vital driving force of GDP in Mexico, Norway, Canada, Russia, Brazil and Colombia, and of course the United States is lately the world’s largest oil producer in absolute terms. None of the currencies of those countries will have a smart day, the dollar still enjoys the help of its reserve currency state.
Yields on UK’s two-year vests fell into negative territory for the first time, as investors sought relative security in UK debt amid fears about the impact of coronavirus.
Short-term gilt performance fell 11 basic emissions to minus 0.02 on Monday. Yields move in the opposite direction to prices.
London’s FTSE one hundred fell by at least 8% as European markets collapsed in the open, the biggest drop in the London index since 2008. The German Dax dropped 7.5%.
The opening of many European stocks has been delayed, as market-based creators tried to quantify the sudden surprise of falling oil prices, and is opposed to a backdrop of significant market-place volatility arising from ongoing economic disruption through the coronavirus outbreak.
Najmeh Bozorgmehr in Tehran reports
Mazandaran MPs called on President Hassan Rohani to quarantine the northern province, as the shortage of medical devices sounded the alarms and caused an increase in the number of casualties.
This comes after Gilan, a northern province along the Caspian Sea, faces a severe shortage of masks, gowns and hospital beds, leading to infections and the deaths of doctors and nurses, according to national media.
Tents have been set up in the courtyards of some hospitals in the northern provinces, while some unjustified reports recommend that many patients enter due to lack of beds.
Ali Mohammad Shaeri, a representative of the parliamentarians in Mazandaran province, suggested to Mr. Rohani that he announce “a crisis situation” and the closure of all restaurants, beaches and rental properties.
Official figures to date recommend that another 6,566 people tested positive, of whom 194 died. But MPs in some of the hardest-hit provinces said those affected in their districts show that the official death toll is underestimated.
Social media videos show that citizens of Mazandaran and Gilan provinces spontaneously blocked roads, after transit police reopened them under pressure from travelers, fueling public considerations about clashes between provinces.
European credit markets are taking the road. If this is a taste of what’s to come from the oiliest US market, then buckle up, write Katie Martin in London.
The European index iTraxx Crossover, which reflects the perception of default through European low credit rating companies, jumped to 502 basis points, about 120 since the close of Friday.
Here are Rob Smith and Joe Rennison explaining how it works and why it’s vital on Friday.
Europe’s main inventory markets sank into market territory in Monday’s first trading minutes.
A collapse in the value of oil followed two weeks of intense market turbulence caused by the development of considerations on the economic effect of coronavirus. The Stoxx Europe 600, which tracks the largest companies in the region, has fallen more than 20% since the mid-February highs, and recently recorded a 6.5% decrease in the day.
“The fall of oil has led to a whole capitulation in the markets this morning,” said Jim Reid, Deutsche Bank’s strata.
The shares of major European oil companies sank Saudi Arabia’s risk to flood the market, with BP, Royal Dutch Shell and Total on the way to their worst trading day.
BP fell 20% in a time after the opening, while Shell fell by 22%. In Paris, Total fell 13% after a delayed opening.
Mid-cap manufacturers were further affected, with Premier Oil wasting 72%. Tullow Oil lost 48 percent consistent. Wood and Weir oil teams fell 23 consistent with cents and 18 consistent with cents respectively.
Brent crude, the oil indicator, recently fell 21% to $31.75 a barrel. Previously, it had fallen by more than 30%.
Davide Ghiglione in Rome writes:
Giuseppe Conte said Italy would further increase its spending on “massive surprise therapy” to combat the effect of the coronavirus epidemic on the economy.
“We will prevent here,” the Italian prime minister said in an interview with La Repubblica newspaper. “We will use a therapy of great surprise. To get out of this emergency, we will use all human and economic resources.”
Mr Conte added: “Europe cannot think of facing an additional scenario with measures.”
He gave no further details on the measurements. He said he would meet with opposition members in the next 48 hours to discuss it.
“Support measures will be adequate to the difficult circumstances and aimed at preventing lasting damage to the supply side of the Italian economy and permanent employment losses,” said Roberto Gualtieri, Italy’s economy minister, in a statement. “Smart working arrangements will be used wherever possible and preventive measures will be adopted to protect the health of employees in the workplace.”
Mr. Gualtieri said that “the economic measures being prepared will be robust, proportionate to existing transitional needs.”
Last week, the government announced a 7.5 billion euro stimulus package to combat the effect of coronavirus on the economy, and requested Parliament’s approval to increase the deficit ceiling by 2020 to finance such measures.
At the same time, the Government reiterated its commitment to return to fiscal consolidation and debt relief as soon as the epidemic and its economic benefits are overcome. Finally, the government will spare no effort to have a package of measures agreed on at EU point in coordination with the entire foreign community,” Gualtieri said.
Anjli Raval, senior energy correspondent, writes:
Oil demand is expected to contract this year for the first time since 2009 as the coronavirus outbreak spreads beyond Asia and Europe and hits the economy, the International Energy Agency said Monday.
For the first time since the global financial crisis, demand is expected to fall year-on-year, by 90,000 barrels a day to just under ((97m b/d)), amid major disruptions to travel and trade.
This compares to past expansion expectations, from primary oil corporations and global energy agencies, from more than 1 million b/dy the AIE’s February forecast of an expansion of 825,000 b/d through 2020.
The review point is “unprecedented,” said Fatih Birol, who runs the IEA. “This scenario appears to be equivalent in the history of the oil market. There is an excess source and a meaningful call for shock.”
Paris-based energy company said in its monthly report on the oil market: “The scenario remains fluid, creating a normal degree of uncertainty about what the overall effect on the virus will be.”
The generator countries led by the opep and Russia will take discounts to stabilize the market. But Moscow’s inability to comply with a Saudi-led proposal for additional source restrictions has led to the alliance collapsing for three years.
While Saudi Arabia became involved in a war of value in response, the value of oil fell on Monday, falling by 30%, the largest fall since the Gulf War in the early 1990s.
The IEA noted a visual decline in transportation, advertising and advertising activities that led to a “massive decline” in quarterly oil demand and an expected annual decline.
China accounted for more than 80% of global oil expansion demand in 2019, underlining how central the Asian economy is to the oil market, generating economies, and crude oil prices.
In the worst situation of the IEA, which assumes that countries affected by the virus more slowly as the epidemic spreads beyond Europe and Asia, global demand for oil may fall to 730,000 b/d by 2020.
The largest subsector of rotten American indexed corporations is energy, ft Lex columnists write.
This most recent blow will lead to more bankruptcies in the U.S. sector, where the numbers were already higher in 2019.
Fresh capital, and debt in particular, kept flocking to cash-guzzling companies, many of them shale oil producers, after the price implosion of 2015 and 2016.
Wall Street will finally have to, after this latest crisis cycle, face the basic inability of the U.S. electricity sector to bring in mountains of loans and bonds.
There will be no shortage of capital in a position to recapitalize the electricity sector, but the timing of rescue financing is crucial.
Read about this story here
Commercial activity has been so competitive today, with more than a billion shares in giant European corporations that have already changed hands.
According to Bloomberg data, the volume of the Stoxx 600 index already exceeds one billion at nine a.m. London time, more than 3 times the average at this time of day for more than 180 days.
The increased volume of transactions comes at a time when equity exchanges in Europe are under great pressure. The Stoxx fell 600 in recent transactions, with the markets of London, Frankfurt, Paris and Milan collapsing.
Martin Arnold in Frankfurt reports:
Investors are preparing for a severe economic recession due to the discontinuation of the coronavirus, which they say will cause a deep recession in much of Europe, Asia and Latin America, according to one report.
Sentix’s investor survey saw its biggest monthly drop in its eurozone economic sentiment index on Monday, which fell 22.3 emissions to minus 17.1, its lowest point since the EU sovereign debt crisis in 2013.
Fear of coronavirus contagion has led Italy to impose some 40 largely of its disgusting and rich commercial north, which comprises a quarter of the country’s population and produces a third of its gross domestic product. Meanwhile, school closures, cancellations of occasions and restrictions on workers are beginning to damage tourism, airlines and recreational businesses in Europe and Asia.
“The globalization of the new coronavirus is sinking the global economy into recession,” said Manfred H-bner, managing director of the German company Sentix. “Never before has Sentix’s economic knowledge collapsed so abruptly in every region of the world in a month.”
Investor confidence fell sharply in all regions, according to Sentix, which found 1,155 last week. Investors were very pessimistic about the outlook for Latin America, the dominance of the euro and Japan, but they were positive about the United States.
Oil markets fell Monday in response to fears of a value war between Saudi Arabia and Russia, as stock markets suffered their biggest decline since the 2008 currency crisis and US sovereign bond yields reached near-zero record levels.
Economists had to cut their expansion forecasts for the eurozone economy before the European Central Bank’s fee-setting assembly on Thursday.
“The world is facing a medical emergency that financial and fiscal policy solves,” said Holger Schmieding, Berenberg’s leading economist. “The scenario will stabilize once we have more clarity about the long-term course of the disease. In the meantime, we face serious risks of problems.”
Schmieding predicted that GDP in euro dominance would fall by 0.4% in the first quarter to 0.5% in the current quarter, while recovering later in the year until the end of 2020, 0.1% less overall.
Donato Paolo Mancini in London reports
London-listed oil corporations exposed to the North Sea were among the biggest losers on Monday in the midst of the war for the value of oil and the injury aggravated by fears of a recession through the global spread of the coronavirus.
Premier Oil’s steady percentage was more than half, wasting 57% to a value of 26.08 pence consistent with a consistent percentage, the lowest since the early 2000s, giving it a market capitalization of 210 million pounds. In previous trade, more than 70 percent consistent were slid.
EnQuest lost 19%, falling to unnoticed lows since 2016 and a market capitalization of 247 million pounds. Tullow Oil, an FTSE 250 manufacturer aimed at Africa, lost 42% before cutting losses to 37%, achieving a market capitalization of around 209 million pounds.
Companies in the sector have faced a difficult recovery in the wake of the 2014-16 crisis, when oil costs fell, dragging companies down. The lacheck oil crisis seems to be the latest test of its resilience once the entire sector emerges from this crisis, struggling to control costs and return to profitability in a context of falling oil costs.
David Keohane in Paris reports:
France’s finance minister has suggested to Europe that he propose a “massive” economic recovery plan at a time when the continent is grappling with the effects of coronavirus and France’s expansion estimates are declining.
Bruno Le Maire said on Monday that he was expecting a “strong, broad and coordinated reaction from Europe” to the threat of an economic crisis.
As tourism figures fall and the economy has an effect on spreads, Le Maire told radio station France Info that the virus could reduce the French expansion rate below 1% this year, compared to an earlier estimate of 1.3%. Nineteen other people inflamed by the virus have died in France and more than 1,200 cases have been reported, making it the most affected European country after Italy.
The Cac40 reference inventory index fell more than 6 through mid-morning in Paris.
Le Maire’s intervention comes when the Bank of France said the French economy would grow by 0.1% this quarter, with an earlier estimate of 0.3%.
“This slowdown is severe but temporary,” the bank of France governor said.
“In the face of this exceptional situation, you have to keep your eyes wide open and keep your head cool,” added Francois Villeroy de Galhauhe.
The economy will continue to have plenty of liquidity. Our main long-term economy would be to move from the required surveillance to a series of exaggerated reactions that would freeze the country.
After Italy blocked the north of the country to stop the spread of the virus, France on Sunday banned internal meetings of more than 1,000 people, removed the limits for hospital staff, and facilitated online medical consultation.
Mr. Le Maire encouraged “companies to claim to be in part,” adding that they would “support them.”
The government said local elections that will begin on Sunday will take place.
Oil prices tumbled as much as 30 per cent after Saudi Arabia failed to reach an agreement with Russia over cutting supply in response to the coronavirus outbreak and said it would discount its crude and ramp up output.
The fall in oil has led to a sharp drop in markets:
The actions of oil producers were hardest hit, with the large Total, BP and Royal Dutch Shell on their way to their worst day.
The currencies of oil-producing countries were also heavily affected, with the Russian ruble, The Norwegian krone, the Canadian dollar and the Mexican peso weakening considerably. The crown fell 4.7, consistent with the penny at one point at its lowest opposite point to the dollar since 1985.
In bond markets, the 10-year US Treasury yield tumbled down through 0.5 per cent to a record low in the sharpest rally for American sovereign debt in more than a decade.
The movements of French luxury goods brands were hit hard when the coronavirus epidemic worsened in the disgusting and rich north of Italy, leading the government to impose the blockade of the other 16 million people living there.
LVMH’s shares on Monday, falling 6% to mid-morning in Paris, were on track for their worst percentage drop since October 2018. Kering’s shares fell by about 7%, while Prada’s were down 7.5%. Moncler indexed in Milan has fallen by more than nine percent. The largest Cac40 in Paris fell 7%.
Jefferies analysts see that the non-public luxury goods market will fall by at least 3% this year “because the speed and magnitude of the contraction in the first part will probably not fully recover in what we still hope will be a buoyant moment. / fourth quarter.”
“It’s not as bad as 2008-09,” analysts said in a note published Monday, “but it has a proportional effect because of the much more important role played through the Chinese group.”
They said the decline in Europe will “last longer and be just as bad.”
Italy, Europe’s most affected country, took drastic measures to involve the epidemic as the deaths soared over the weekend. The government has imposed a blockade on the northern side, a region for the luxury and fashion industries. The death toll in Italy rose to 366.
China has gained importance for the global luxury and fashion industries. Chinese buyers accounted for about 40% of the 281 billion euros spent on international luxury last year, according to Jefferies, but accounted for 80% of growth, boosting sales through corporations such as LVMH and Kering.
Peter Wise in Lisbon reports:
The president of Portugal chose to isolate himself and suspend his official duties for 14 days after a student whose classmates visited the presidential seat showed a coronavirus bearer.
A broadcast through the workplace of Marcelo Rebelo de Sousa said he had made the decision to cancel all his public commitments, adding visits abroad for two weeks while monitoring his fitness at home. The president has shown no symptoms and is expected to be tested for the Covid-19 virus later Monday.
At a time when Portuguese citizens are glimpsed into a wonderful civic adulthood in the face of the virus epidemic, the president believes he gave an example of physically powerful preventive measures that will allow him to keep running in his personal apartment at the same time.
The pupil of a school in Felgueiras, in northern Portugal, is not shown in the elegance that Mr. Rebelo da Sousa welcomed last Tuesday. All schools, swimming pools, libraries and kindergartens have been closed in the domain where the school is located.
A total of 30 cases of the Corvid-19 virus have been shown in Portugal, according to the Director-General of Health.
Neil Munshi in Lagos reports:
Nigeria has shown its current case of coronavirus, as the disease remains slow to date in Africa’s largest country.
The patient is one of 60 other people who have been in contact with the first case from Nigeria, an Italian who visited Lagos last month, who have been away since the government discovered them, the fitness minister said Monday.
The guy showed no symptoms, but lately he underwent tests with other contacts in isolation. Scientists showed his diagnosis on Sunday.
The news came after one of the Nigerian researchers announced that they had sequenced the genome of the coronavirus of Italian origin and showed it as corresponding to the strain that is spreading in Italy and Wuhan.
Najmeh Bozorgmehr in Tehran reports:
Iran’s Ministry of Fitness said Monday that another 7,161 people had tested positive for coronavirus, up from 6,566 on Sunday.
Among those infected, the ministry said 237 other people had died. The balance of 194 dead yesterday.
Iran has suffered the third number of deaths from the virus in the world, after China and Italy, and has the fourth number of cases shown, after China, South Korea and Italy.
Daniel Dombey in Madrid reports
The number of coronavirus cases in Spain more than doubled in 24 hours, to 999 euros on Monday, to 469 cases the previous day.
In Madrid, the worst-affected region in the country, the emergence of the virus has also doubled since Sunday, from 202 to 436 cases.
Dr. Fernando Simón, the doctor coordinating the country’s response, said that during the first hour of Monday morning he was aware of 16 other people who had died from the virus across the country.
But the full figure is likely to be higher, due to additional deaths that occur during the day.
“We will have to recognize that there is local transmission [of the virus] in Spain, it is limited,” Dr. Simon said. “It therefore makes sense for some countries to put Spain on a list of [regions] at risk of local transmission.”
He added that his team would meet with the Madrid government to see if more action was needed in the region.
In addition, the Basque town of Vitoria has announced that all educational establishments – from nurseries to universities – will be closed for 15 days in order to curb the spread of coronavirus in the region, where 149 cases have been reported.
The Spanish government updated this figure to 999 around noon. Early in the morning, they had reported 904 cases.
Jim Brunsden in Brussels reports:
European Commission President Ursula von der Leyen said Brussels was exploring all the features needed to mitigate the effect of the virus.
“The spread of the virus has a bountiful effect on the economy, it also has a considerable effect on the economy,” von der Leyen told journalists in Brussels.
“We’re in everything we can do to deal with the effects on the economy,” he said.
Von der Leyen said Brussels had two main characteristics. The first is to be flexible in the way it applies state aid regulations and the budget, allowing the government to do more to consolidate its economies. The time is to provide monetary support.
“One is flexibility and money, in fact, and the Commission, of course, is in close contact with national authorities, industry representatives and stakeholders,” von der Leyen said.
Brussels is also preparing for a meeting of EU finance ministers next week, he said, adding that it is in close contact with ECB President Christine Lagarde.
Michael Peel in Brussels reports:
A high-profile eu-India summit scheduled for this week has been cancelled due to the coronavirus and NATO has announced its first case, in the most recent escalation of the epidemic that has affected foreign establishments in Brussels.
The EU-27 said monday that Friday’s assembly between its leaders and Indian Prime Minister Narendra Modi in the Belgian capital had been postponed by mutual agreement because “both sides will have to focus on combating the disease.”
The European bloc said the two will look for a new date to meet “as soon as possible.”
NATO, the 29-member army alliance on the outskirts of Brussels, said Monday that a worker tested positive for the virus after returning from a holiday in northern Italy and showed symptoms of fever overdue last week.
“The member is lately at home in isolation,” the alliance said. “A few minutes after receiving the result, all co-workers were informed. They ran out of the house at the end of last week and continue to do so.
NATO added that it has taken broader steps to curb the spread of the virus, adding the temporary suspension of some trips, the promotion of paints from home and the temporary suspension of visits by organizations to the alliance headquarters.
European airlines performed better than the benchmark, and Ryanair’s stock made some profit Monday to be one of the few members of the Stoxx 600 to rise, driven by the prospect of a decline in oil costs this year.
Dublin-based low-priced airline, with an inventory increase of about 0.4% on Monday, surpassed the 6% drop in the broader index. The Irish airline crackled on a second-day lead, recovering from a big sale that started in earnest on 24 February. That day, its inventory fell by 13.5%, its worst drop in a day since June 2016.
Other airline stocks joined Ryanair as one of the stoxx 600 companies. Lufthansa, indexed in Frankfurt, fell 2.7%, easyJet fell by 3% while British Airways owner International Airlines Group lost 4%. Air France-KLM lost 4%.
Oil costs fell 30% on Monday after Saudi Arabia failed to reach an agreement with Russia on source relief in reaction to the coronavirus outbreak and said it would improve its crude oil and increase production.
The airlines’ actions have been shaken by considerations about the effect of coronavirus, which has led to flight cancellations, and experts expect the industry to lose more than $100 billion in profits this year.
Sam Jones in Zurich reports
The Italian-Swiss border has been closed to all travellers, with the exception of travellers who have to move into paint and shipping traffic, the Swiss government announced.
On Monday, the governments of Italy and Switzerland began establishing more checkpoints and security checkpoints along the porous border shared by the two countries.
Those wishing to cross must provide official evidence of their paintings and location.
“For all other activities, the Italian government has issued serious restrictions. Therefore, Swiss and Swiss citizens are being asked to move to the affected regions,” the Swiss Federal Council said in a statement.
About 80,000 Italians to Switzerland every day to paintings according to Swiss federal statistics.
It is unclear how the new checks will effect ease of travel: crossings are limited to a small number of choke points through narrow valleys, such as the main border point at Chiasso, just north of lake Como.
Lately there are 332 cases shown of the virus in Switzerland. Two Swiss have so far died, according to the Federal Office of Public Health.
The cantonal government and employers in the country are already accelerating arrangements for a significant worsening of the situation. The township of Schaffhouse deployed its civil defense force on Monday to classify potential patients in hospitals.
For its part, Google told the 4,000 painters in Zurich to paint from home.
More than 110,000 people worldwide have been diagnosed with Covid-19 infection in China, where the epidemic began to the maximum extent affected.
More than 3,000 deaths were recorded in Hubei Province, the Chinese region where the virus was first detected in December. In Italy, the deaths soared over the weekend and, with a total of 366, is the hardest blow outside China.
Steve Bernard in London has collected the latest cases of coronavirus:
Steve Bernard’s maps show the geographical extent of the disease:
Jumia, the pan-African e-commerce giant, has canceled nearly 400 products from 168 hand and mask disinfectant distributors in its largest nigerian market, following court cases for increases in the value of federal authorities, writes Neil Munshi in Lagos.
The Federal Commission on Competition and Consumer Protection has announced the resolution of the corporation known as amazons of Africa, which seeks to curb value increases related to the coronavirus outbreak.
The firm included excerpts from a letter from Jumia, which said it would carry out hourly checks on the abusive costs of similar to the epidemic.
The company also stated that it has met a distributor from whom it can obtain and has partnered with Reckitt Benckiser to offer reduced costs in hand sanitizer on the e-commerce platform, on which Jumia will not qualify any commission.
Colby Smith in New York
The Fed has more cash that it is injecting into daily lending markets this week, amid a global stock settlement and a rush to recover assets that have lowered government bond yields.
On Monday, the New York branch of the U.S. central bank announced that it would increase the duration of its daily and short-term operations for the pension market, where investors borrowed money for short periods in exchange for high-quality promises such as Treasury, until March 12.
The Fed will offer at least $150bn in overnight loans, a $50bn increase from what was originally on offer. It will also raise the limit on the amount of cash it will lend into the market over a two-week period from at least $20bn to at least $45bn.
The increase came as crude prices crashed by more than 20 per cent on Monday, after Saudi Arabia launched a price war, which threatens to flood the oil market with supplies just as the coronavirus outbreak hits demand. The sell-off in oil sent stock markets plunging and government bond yields to fresh record lows.
David Keohane in Paris reports:
Augustin de Romanet, managing director of the French airport organization ADP, conducted coronavirus tests.
De Romanet, who is the first CEO of a giant French company to say that he is the virus, tested positive on Saturday.
In a statement, ADP stated that “his fitness is not a fear and does not save him from proceeding to fulfill his duties” but that he “will stay at home for 14 days.”
The organization is investigating Americans who may have recently come into contact by Mr. Romanet.
ADP, the operator of Paris airports Charles de Gaulle and Orly, recently agreed to buy the Indian GMR airports for 1.3 billion euros and remains a candidate to privatize the French government of Emmanuel Macron, which owns a part of the group.
Joe Rennison, a money markets journalist, writes:
Unwanted bond prices fell when a war over the value of oil between Saudi Arabia and Russia hit electricity corporations already facing embargoes similar to the coronavirus outbreak.
The pain in the market focused on oil and fuel companies, with Brent sinking 22 percent to about $35 a barrel Monday morning, the lowest value since January 2016, when a fall in the value of oil ended the oil era of $100.
The insurance charge opposed to the default of high-yield bonds rose to 606 basis points, surpassing its peak in the last era of the 2016 electric debt crisis, according to IHS Markit’s knowledge. The default investment quality coverage rose to 125 basis points, its highest point since 2011.
The BlackRock iShares publicly traded high-yield bond fund, known as HYG, fell 4.5% before trading, its lowest value since 2018 expired.
“We are on the cusp of a new restructuring circular for energy companies, whether on and off the court,” said John Dixon, High Performance Bond Trader at Dinosaur Securities.
Because many of these corporations already spend more than their money flow, look for drastic discounts on capital expenditures, which will further harm services and providers that are already struggling.
The Global Readiness Monitoring Board, an independent fitness advocacy and surveillance organization, is calling for at least $8 billion in new investments to be injected without delay into the co-19 collective response, writes Clive Cookson, scientific editor.
Although the World Bank committed up to $12 billion last week to Covid-19’s reaction at the point of the country and the IMF announced a $50 billion package to mitigate economic damage, the GPMB says the ads still leave a critical investment hole of $8 billion.
Gro Harlem Brundtland and Elhadj As Sy, co-chairs of GPMB, in a joint statement:
Clearly, the prospect of a multi-wave pandemic is increasing. This has an effect on all grades of society, putting great pressure on emergency care in the physical condition, disrupting important chains of drug sources and causing the closure of companies and schools. The epidemic is prepared to cause greater economic losses than Sars, Ebola, Seas and Zika combined.
The GPMB calculates that the discrepancies are:
Anna Gross in London
Several publicly traded budgets (ETFs), an indexed budget that can be traded on the stock exchange, exposed to volatility in sectors such as oil and energy following a war on the value of oil and the fears of coronavirus, have been affected since Friday.
JKO’s Brent Crude S-P Brent Crude fund has lost almost 42% of its price in the last two trading days. Meanwhile, Australia-based OOO AU crude oil fund has fallen by about 33 percent. Several ETFs that adhere to the GSCI index have slipped between 20 and 30 in line with the penny.
The Israeli budget is among the maximum budgets affected. The Tachlit DJ Internet Composite, which is indexed on the Tel Aviv Stock Exchange and tracks the functionality of corporations involved in Internet-related activities, fell by about 32 percent, while tracking the 35 shares of the Tel Aviv Stock Exchange index. the same amount. A third Israeli ETF, which tracks the S-P index for the aerospace and defense industry, has fallen 29.4%.
Invesco’s RDXS LN Equity Index, which is registered in Ireland and tracks Russia’s deposit rate, has fallen by 20 percent.
Clive Cookson, scientific editor, reports:
The Royal College of Physicians of the United Kingdom postponed its annual convention next month until January 2021, “so that doctors can focus on treating patients with Covid-19 and expose themselves to a greater threat of the virus.”
Andrew Goddard, president of the London-based organization that aims at the practice of medicine, said:
It would make sense to gather a lot of doctors from all over the UK and other countries, when they are already exhausted, dealing with Covid-19 in addition to all the other pressures on the NHS.
The value of a barrel of oil is expected to fall over the next $20 over the next few weeks and could fall in adolescence, according to Bank of America analysts.
Brent crude has fallen by more than a fifth to about $35 a barrel since Saudi Arabia introduced a war of value, expanding production and providing its crude with heavy discounts. The resolution came after a failed agreement with Russia to rebalance the market as a result of the demand for the coronavirus.
“The radical change in policy suggests that Saudi Arabia will allow inventories to increase dramatically over the next 3 quarters, pushing oil markets around the world into the super-tang [where the value of oil futures is greater than the spot value plus interest and garage costs],” analysts said. “As a result, we now expect the value of Brent oil to temporarily sink into the diversity of $20 over the coming weeks.”
The downside is that oil markets are on the verge of a surprise source at a time when a negative primary call to surprise is taking place.
As stocks accumulate and Saudi Arabia and its allies push the market down, costs would likely fall into adolescence, analysts said.
But they said the magnitude of the fall would depend on the kingdom’s true goal.
If it’s a move to bring the Russians back to the negotiating table, the value is likely to be more temporary than if it were a move to take the percentage off the market from U.S. shale producers, they said. In the latter case, more sustainable value relief is possible.
Henry Sanderson in London:
Gold costs fell from a seven-year high of more than $1,700, consistent with troy ounce, while valuable steel was dragged through the settlement of the global market.
Gold fell to $1,673 a Troy ounce at the morning consultation in London, after touching its levels from December 2012 to $1,703 an ounce.
Gold has historically been considered a safe haven investment along with the bonds, the dollar and the Japanese yen. But when the market sells out quickly, it tends to fall, as investors seek to sell liquid assets.
“Going up to $1700 made sense, but lowering is not a component of the concept of ‘safe haven value’,” said David Govett, director of valuable metals at broker Marex Spectron. “So, for now, it turns out that the value is reached through the day traders, some and HFT [high frequency traders].”
Macquarie analyst Tom Price said the market believes the inflation threat is so low right now that “having cash/bonds is preferable to having gold.”
History shows that the value of gold falls into recessions. While we do not anticipate a global/regional recession, the limited functionality of gold values lately turns out to sign this possibility.
The British government has issued a final Parliament for fear of an outbreak of coronavirus, a resolution taken after the House of Commons committee assembly on Monday, Sebastian Payne reports in London.
However, access to parliament will be limited to visitors, adding foreign dignitaries and school trips, “next week.” Sources say they will be guided through Cobra meetings.
The non-unusual government will be guided through government and clinical counseling.
The French fitness government has warned others who oppose cocaine to prevent coronavirus infection.
In a tweet, the French Ministry of Health said: “No, cocaine is NOT opposed to Covid 19. It is an addictive drug that causes serious side effects and is destructive to people’s health.”
After the collapse of Black Monday 1987, which ended with more than a fifth of the Dow Jones Industrial Average in one day, restrictions to alleviate panic on Wall Street were followed.
The Nasdaq, one of the top U.S. stock market traders, wrote to investors Monday reminding them that so-called breakers “can stop trading or, in excessive circumstances, close markets before the general close of the trading session.”
Three degrees cause those automatic reactions in U.S. stock markets. Each is in the spacious S-P 500.
If a point 1 or 2 falls before 3:25 p.m. New York time, trade stops for 15 minutes. If this happens at this time or later, trading continues normally.
A point 3 drop stops trading for the rest of the day, regardless of when it is triggered. Wall Street shares are traded from 9:30 a.m. to 4 p.m.
The only time markets were disrupted for the rest of the day due to the industry slowdown was in 1997, the Asian currency crisis. (At that time, different circuit breakers were in effect, based on the narrower Dow Jones industrial average)..
U.S. inventory index futures reached their descent end the previous Monday. Futures, which are traded on the Chicago Mercantile Exchange, may fall by only 5% in the overall trading hours of U.S. stocks. These types of “down-limiting” scenarios are much more common.
Jonathan Wheatley in London
Emerging market bond costs fell sharply on Monday when investors began to abandon assets that in the past had some coverage opposed to coronavirus-related sales.
JPMorgan EMBI-GD’s average benchmark sovereign bonds against U.S. Treasury bonds, the difference between comparable bond yields, widened to 468 basic issues (4.68 percentage issues) Monday morning in London, its biggest hole since the global currency crisis. Bond costs fall when yields rise.
Monday’s movement left the hole wider than in previous peaks when markets recovered in 2012 and 2016.
Beyond crisis episodes, emerging market sovereign bonds behaved as threat assets and were sold in line with currencies and stocks. In the first weeks of the coronavirus outbreak, they behaved more like paradises and maintained a deviation of about three hundred bpd from U.S. Treasury bonds, while the costs of both bond sets increased together. This prestige has been subjected to increasing tension over the following week. The broadcast was expanded to 67 issues of the foundation on Monday morning.
Andres Schipani in Brasília reports
Brazil’s 16th “collapse” of fitness systems in emerging countries of the immediate spread of coronavirus warned of a “collapse” imaginable.
“The virus could end up being more fatal to fitness systems than for the population,” said Luiz Henrique Mandetta, a doctor and fitness minister in Latin America’s largest country.
Mr. Mandetta the Financial Times:
We are working with a virus that has a high transmissibility, which makes the health systems overload, more than they already are. Hospital systems collapse. Beds in intensive care fill up very quickly. We are going to draw the attention that the world needs to organise itself for what could be an epidemic of a highly transmissible but lesser lethal virus such as this one,”
As of Sunday night, Brazil had 25 samples of coronavirus and 660 suspects.
“What we’re seeing is that this disease is a big attack on the health care system. It attacks hospital beds,” Mandetta said. The consequences of this scenario remain to be determined, because life goes on and other people still want surgery at the center, and we want extensive care units. “
He estimates that Brazil’s formula for health care can suffer a “direct” hit of between R$2 billion ($430 million) and four billion reais ($860 million) from the coronavirus epidemic.
David Keohane in Paris reports:
The Six Nations rugby match between France and Ireland, which is due to take place on Saturday, has been postponed amid increasing attempts to prevent coronavirus.
French Sports Minister Roxana M-ercineanu showed the postponement on Monday, but no new adjustment date has been announced.
Over the weekend, France intensified its response, adding a ban on meetings of more than 1,000 people. After Italy, France is among the worst affected countries in Europe, with more than 1,000 cases and 21 deaths to date.
The French government has also called for a “massive” European reaction to the virus, with estimates of French expansion rates this quarter shrinking through the Bank of France from 0.3% to 0.1%.
French President Emmanuel Macron said Monday, who asked “our European partners to take urgent action to coordinate aptitude measures, efforts and our economic response.”
It is expected to hold talks with European leaders to coordinate a reaction on Tuesday.
Martin Arnold in Frankfurt reports:
Investor inflation expectations fell to an all-time high in the eurozone on Monday, reflecting sharp falls in oil costs and expectations of a serious economic recession.
The fall of so-called five-year European swaps, a market measure of inflation expectations in five years, is putting pressure on the European Central Bank to make its already ultra-easy financial policy more flexible when it meets on Thursday.
The metric, known as 5y5y, is very often followed by the ECB, as it tells legislators if markets are convinced that a central bank has the equipment to keep the inflation rate within its set target.
Falling below 1%, the metric indicates that investors are wondering whether the ECB will be able to reach its main inflation target of about 2%.
“There is a short-term panic detail, but there is also a long-term challenge: the willingness (or not) of eurozone politicians to do whatever it takes,” said Ken Wattret, IHS Markit’s leading European economist. “Italy is heading towards an economic, monetary and probably political crisis and will not be able to succeed on its own.”
Expectations of an economic crisis in Italy were evident in sovereign bond markets, where the gap between 10-year Italian bonds and 10-year German bonds widened to more than 2 percentage issues on Monday, its point since last August.
“The ECB can hardly forget the signals from bond markets that indicate the dangers of recession and deflation,” said Frederick Ducrozet, a strater at Pictet Wealth Management, adding that he discovered “very difficult to see how the ECB can expand quantitative easing behind.” Array
The ECB restarted its asset purchase programme of 2.6 billion euros last September, promising to buy bonds for 20 billion euros according to the month until inflation rises in line with its target. Several economists expect it to increase their consistent monthly purchases to 40 billion euros, reduce their deposit rate to a new all-time low of less than 0.6 percent, and lend more reasonable loans to banks.
U.S. stocks fell in the opening to cause a market close, which added to a tumultuous day for global markets, as oil fell by more than 20 percent.
Losses in the S.P.500 reached 7%, resulting in a 15-minute disruption of operations.
The benchmark index, 18.5% less than its February 19 peak, is reaching a market, explained as a 20% drop.
The yield on the 10-year Treasury note, which reached new lows on Monday, fell 26.9 basic emissions to 0.438 percent.
Richard Milne, correspondent for the Nordic and Baltic countries, reports:
One of the deputy governors of the Swedish central bank did the coronavirus test.
Martin Floden, one of the five MPs who make up the Riksbank board with the governor, tried poive on Friday after a holiday in northern Italy.
Floden had been working at home since last Saturday when he returned from the holidays and had no contact with other Riksbank workers or attended external meetings, the central bank said Monday.
Riksbank recommended that all staff avoid “non-essential business abroad” and paintings of the house for two weeks if they have visited severely affected areas.
Sweden’s central bank raised its main buyback rate to 0 last December, contrary to the recommendations of many entrepreneurs and economists, but more and more analysts expect rates to cut in the coming weeks.
Markets forecast a 0.18-point cut in the pension rate at the next Riksbank rate-setting assembly at the end of April on Monday morning, according to analysts at lfinisher SEB.
Steve Johnson in London reports:
Iran, Libya and Algeria are the countries with highs since Monday’s fall in world oil prices.
Brent costs fell 22% after Saudi Arabia promised to increase production in April, even as the order plummeted due to considerations of the coronavirus outbreak. Crude oil fell 47% this year.
Russia, which helped trigger the sale by failing to succeed in an agreement with the Saudi-led OPEC cartel to cut oil production, wants a $38 oil value consistent with the barrel to balance its budget, after the ruble fell 8.7% against the dollar. . On Monday, according to calculations through Chris Weafer, spouse of Moscow-based consultancy Macro Advisory.
However, major primary oil exporters are not so lucky. Iran, affected by sanctions, which had the third number of deaths by Covid-19, is potentially the highest exposed.
Tehran wants $194.60 oil consistent with the barrel to balance its budget deficit and $87.70 for its fiscal account to succeed in balance, according to recent IMF high estimates.
Libya is dangerously vulnerable to the collapse of crude oil. The wary North African country wants a $99.70 value consistent with the barrel to balance its budget and $58.80 to balance its budget account.
Most oil exporters in the Middle East and North Africa will be affected if these costs are maintained for some time, with Algeria, Iraq and Oman among the highs exposed.
Saudi Arabia wants $83.60 worth of oil to balance its budget and $55.30 to balance its external account, the IMF calculated. However, Riyadh had $495 billion in foreign exchange reserves at the end of January to cover any deficits, a safety net that is not available to small oil exporters.
Oil manufacturers in Central Asia, such as Azerbaijan, Kazakhstan and Turkmenistan, have lowered oil thresholds, typically around $55 relative to the barrel.
Unlike Gulf exporters such as Saudi Arabia, Oman, Kuwait and the United Arab Emirates, which have monetary parity with the dollar, Central Asian states also have the opportunity to maintain Russia’s leadership and let their currencies fall to their equilibrium point. further and further away. However, Kazakhstan’s central bank on Monday pledged to interfere with the foreign exchange market to stabilize its currency.
Davide Ghiglione in Rome reports:
Six inmates were killed in an insurrection in an Italian prison, while several guards were taken hostage in another prison, as the riots spread across the country due to government-approved measures to involve the spread of the virus, adding a circle of restriction. of family visits. and friends.
In a television interview, Francesco Basentini, the head of the Italian criminal administration, said that three inmates had died in a criminal in the city of Modena, northern Italy, while 3 others had died after being taken out of the structure.
“There have been riots across the country,” Basentini said.
The riots broke out in at least 27 seconds, where fires were lit. The six deaths occurred in Modena. Two guards were taken hostage in Pavia. Riots are taking place in several seconds.
Photos of trucks with fireplaces and outdoor police officers of Modena’s criminal were noticed on the national television channel Rai, as a column of smoke filled the sky.
Dozens of police officers were shown on outdoor television at Milan’s San Vittore prison, where inmates peered out the windows and sang and some climbed on the roof.
Donato Capece, head of Sappe’s guards union, said the two guards taken hostage in Pavia had been released after the police intervention.
As a component of the decree signed through Giuseppe Conte, Italian prime minister, to involve the spread of coronavirus, detainees and their families avoid physical contact. Detainees can only touch the circle of family and friends over the phone.
The measures will be in place until March 22.
James Shotter in Warsaw
Poland will have to introduce aptitude controls on its borders with Germany and the Czech Republic in an attempt to prevent the spread of coronavirus.
Prime Minister Mateusz Morawiecki said Monday that Poland would begin introducing the measures, which will involve taking temperatures and traveling to the main points of others entering the country later in the day, and will cross borders and ports by road and rail.
Morawiecki said the checks would be carried out first at 4 major border crossings in Germany and one in the Czech Republic, and would concentrate on cars carrying more than 8 people. Suspected of being inflamed by the virus will be transferred directly to the hospital.
Poland has so far shown 16 cases of coronavirus, but officials have warned that this number is expected to increase rapidly.
On Saturday, President Andrzej Duda signed a bill that introduces new powers to the government to deal with the virus. Morawiecki also suggested to the organizers of occasions involving more than a thousand more people who canceled them, saying that such occasions had spread the virus in Germany and Italy.
The U.S. stock market resumed operations after a sharp drop in the opening of a transition lockdown.
The S-P 500 dropped 5.9% after falling 7% before hitting a Level 1 circuit breaker that started a 15-minute trade stop. The index fell 7.4% after operations resumed around 9:49 a.m. in New York.
The Nasdaq Composite fell 5.6%. The Dow Jones industrial average fell 6.1 percent.
The yield on the 10-year Treasury note fell from its day lows 21.7 basic emissions to 0.49 percent.
Brent crude fell 21% to $35.76 a barrel. Oil sales sucked on energy groups, with the S.P.500’s electricity sector wasting 18.8%.
As Adam Samson of the FT wrote in an earlier article, U.S. trade. Interrupted for 15 minutes when a Level 1 or 2 circuit breaker is activated before 3:25 p.m. New York time. A 13% drop on the S-P 500 triggers a Level 2 shutdown. A 20% drop at any time during the consultation (a point 3 circuit breaker) would prevent trading for the rest of the day.
The number of other people inflamed by coronavirus in the UK has increased to 319, an increase of 46 in 24 hours, writes Bethan Staton.
The Health Ministry said 24,960 others had been tested Monday morning, most of whom came back negative.
Three patients, all of whom had pre-existing conditions, died in the UK.
Transport for London said Monday that a staff member had tested positive for the virus, but said the user was not a frontline worker.
Jennifer Ablan in New York
Pimco, one of the world’s largest bond investment companies, temporarily transferred a component of its portfolio control team to a field at a “commercial continuity site” away from its principal in Newport Beach, California, according to a Pimco spokesman On Monday.
“This is a proactive and precautionary step” and in reaction to growing fears about the spread of coronavirus, Michael Reid said in a statement. our customers, which is our most sensible priority.
Pimco, which oversees approximately $1.9 billion in assets, has 70 portfolio and business managers on the chosen site, which includes about a third of its portfolio managers founded at Newport Beach headquarters, Reid told the Financial Times.
Laura Pitel in Ankara reports:
Turkey is one of the few countries in Europe and the Middle East that has not reported coronavirus.
Fahrettin Koca, the fitness minister, said this because the country is more prepared than the maximum of European countries and taking precautionary measures more quickly.
Fewer than 2,000 other people in Turkey, which has a population of more than 83 million, have been screened for the virus, Koca said Monday. By contrast, Iran tested around 16,000, the UK 23,000, while in Italy, 42,000 were tested and 196,000 in South Korea reportedly.
Some doctors in Turkey worry.
A publication Monday through the Turkish Medical Association, an industry union known for its critical stance towards the government, questioned whether the Turkish production tests used in the country were up to the task.
The organization asked why they were carried out through establishments sponsored by the Ministry of Health.
Our colleagues and the public all wonder with the same surprise: “When the virus is so [geographically] close to us, how has it been discovered in our country yet?”
Stefania Palma in Singapore
Singapore, Malaysia and Indonesia have reported on new coronavirus manifestations.
The biggest jump in Malaysia, which showed 18 new cases, bringing the country’s overall to 117. They come with a guy with a travel history to Iran.
The total number of cases in Singapore reached 160 after the government reported on 10 new patients. Seven are similar to previous instances and come with Singaporeans, two permanent citizens and a Malaysian paint pass holder. They’re all adults, for a five-year-old.
Three of the new instances are imported into the island state. An Indonesian boy and a 65-year-old Singaporean woguy had a history of traveling to Indonesia, and the woguy said he had visited his sister who had pneumonia during his stay. The third patient is a 52-year-old Briton.
So far, 93 cases in Singapore have recovered and been discharged from the hospital.
Analysts at Japanese bank MUFG have the latest to cut their outlook for oil prices, saying they see That Brent could fall below $25 a barrel.
The foreign oil indicator has fallen 20% to about $36 after Saudi Arabia introduced a war of value, expanding production and providing its crude with significant discounts.
Hours earlier, Bank of America analysts said they saw a $20 oil drop in the coming weeks, and in all likelihood in adolescents if Saudi measures persist.
MUFG now sees oil costs at $28.60 at the end of the existing quarter, emerging at $32.20 at the end of the quarter. But this era can vary to go down.
Specifically in the second quarter of 2020, we excluded an extended period consistent with the period of oil costs in inconsistent stress degrees with levels below $30 consistent with the barrel, with markets potentially sporadically testing degrees below $25 consistent with the barrel.
But they said the game is not yet “completely finished” and that Saudi Arabia and its allies in the OPEC oil cartel can simply meet with Russia and reach an agreement to cut production.
Richard Henderson in New York
Robinhood, the inventory trading app, suffered its third disruption since early last week, and U.S. inventories dropped dramatically when operations opened Monday.
Trading stocks, features and cryptocurrencies faced a “big failure,” the company said on its website. “We are running towards this factor as temporarily as possible.”
Disruption is the third large-scale outage of the popular inventory trading app after service was interrupted for almost a few minutes of the past day. The next day, the platform suffered a two-hour hiatus after the Fed revealed its 0.5 percentage point wonder in an interest rate cut.
The interruption occurred after U.S. stocks fell 7% in the first few minutes after the market opened, causing a breakup that halted operations for 15 minutes. When operations resumed, the stock reduced its losses to a 5.5% mid-morning drop in New York.
Read the full story here.
Arthur Beesley in Dublin
Ireland is restricting St Patrick’s Day celebrations on 17 March due to the coronavirus outbreak, cancelling the Dublin parade that was expected to attract thousands of spectators to the city streets.
A senior Dublin official said the resolution taken when Prime Minister Leo Varadkar convened a special wardrobe subcommittee on Monday to deal with the escalation of the epidemic in the Irish republic, where 21 others are being treated by Covid-19 in addition to 12 in Northern Ireland.
Simon Harris, the health minister, said the outbreak in Ireland is likely to become “very serious”, adding that there was a moderate-to-high risk the rising rate of infection could follow the pattern in other EU countries such as Italy, France and Germany.
Donald Trump, pictured with Florida Gov. Ron DeSantis on Monday morning, minimized the effect of coronavirus on the U.S. economy, attributing the liquidation of shares to “fake news” and the oil-value war between Saudi Arabia and Russia. .
In a series of tweets Monday morning, the president’ long-awaited drop in fuel prices, coinciding with the fall in oil, would be “good for the consumer.”
He also compared the effect of influenza season to the number of cases shown of coronavirus in the United States. “Nothing stops, life and the economy continue,” Trump said, referring to the flu season.
Simeon Kerr in Dubai
Saudi Arabia has prolonged bans on Oman, France, Germany, Turkey and Spain to stop the spread of coronavirus.
The official news firm said Monday that foreign nationals and citizens will not be able to enter or leave those countries by air or sea. The ban also applies to people seeking to enter the kingdom from those countries, or anyone who has been there in the last 14 days.
Previously, the kingdom, which had reported 15 cases, had banned entry and exit from the United Arab Emirates, Bahrain, Kuwait, Egypt, Iraq, Lebanon, Syria, Italy and South Korea.
Since the new restrictions were implemented, airlines have cancelled flights to and from Saudi Arabia.
The kingdom banned China in early February.
New York State will begin generating 100,000 gallons according to hand sanitizer week to address the shortage caused by panic shopping.
In a tweet, Gov. Andrew Cuomo said production would begin to stock up on government agencies, schools, transportation personnel and prisons.
He also said a new policy would be introduced that would cause schools to close for 24 hours in all cases if a student was testing the virus.
France is pushing for European banking regulators to stop stress tests and be lenient with non-stop lending to mitigate the economic effect of coronavirus, David Keohane writes in Paris and Martin Arnold in Frankfurt.
The French Ministry of Finance, according to those informed, is calling on regulators to increase the time it takes for debt to be classified as doubtful to give a respite to corporations that are suffering to make repayments and to banks that would otherwise face higher capital requirements.
This echoes last week’s call through the Italian banking agreement for the European government to regulations that require banks to classify a borrower as default if they meet an era of debt repayment within 90 days.
A rest of these regulations may allow banks to lend to those corporations for a longer period.
However, European Central Bank officials said it was not contemplating any proposal to revise its rules on when banks classify a loan as delinquent. The ECB oversees the top 117 lenders in the euro area.
Paris also calls for the postponement of stress tests on the banking component because the macroeconomic situation used through regulators no longer reflects reality, the informed on this issue say.
Along with Italy, France is the European country that has been most affected by coronavirus, with more than 1000 cases recorded and 21 deaths to date.
While economic expansion forecasts have narrowed, the government has stepped up its containment measures, adding a ban on meetings among more than 1,000 people.
He also called for a “massive” reaction from Europe to an economic crisis. French President Emmanuel Macron will hold talks with other European leaders on Tuesday to coordinate the reaction.
Philipp Carlsson-Szlezak, a leading economist at Boston Consulting Group, said the U.S. economy is likely to face a U-shape scenario, where there is a permanent loss of production due to the virus outbreak.
“We watched a surprise from many angles,” he said.
Mr Carlsson-Szlezak said people will likely decrease their consumption as the virus changes their behaviour, and that this will be amplified by a “classic wealth effect shock”.
The inventory market is promoting and cutting family wealth, savings rates are emerging and income rates are falling, which I’m sure of to some extent.
Valerie Hopkins in Budapest
Hungary halted flights to and from northern Italy and cancelled its national celebrations on 15 March amid growing fears of coronavirus.
On Monday, all flights departing less than a hundred kilometres from Milan and Treviso Airport near Venice were cancelled “until the stage improves in northern Italy,” Colonel Tibor Lakatos, a member of the government’s group of coronavirus corridors, said Monday.
The government announced that within 24 hours, the government would “geographically and clinically change” its antivirus protocols.
Over the weekend, the government announced the March 15 holiday, which commemorates the 1848 uprising against the Austrian Habsburgs, would be cancelled because the event “is the biggest in the country to which people travel from all parts,” a government statement said.
All hospital visits were prohibited. The government has also banned visas to Iranian citizens and even prohibits those on valid visas from traveling to Hungary.
On Monday, Budapest prolonged the imposition of a state of emergency, which closed the border on asylum seekers, due to links between migration and coronavirus until 7 September.
There are seven virus samples in the Central European country.
Listed publicly traded budgets that trace rotten US bonds have fallen stronger since the depth of the currency crisis in 2008, underscores developing investors’ fears about the risk of the corporate debt market.
BlackRock’s HYG fund and StateStreet’s JNK fell more than 5% in morning operations in New York.
Falls occur when the value of oil has fallen by 30%, which can be a blow to power companies, i.e. those with lower credit ratings and that are heavily indebted in recent years.
Speculative-rated corporate bonds had already been under pressure in recent weeks, with investors saying that a slowdown, or a possible recession, in the global economy would damage the ability of rotten corporations qualified to pay and pay their debts.
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Olaf Storbeck in Frankfurt
Deutsche Bank cancelled a long-planned rite to celebrate its 150th anniversary in Berlin on 21 March due to the continuation of the coronavirus.
The German lender had invited 1,200 visitors to the celebration, which would be located in central Berlin. German federal President Frank-Walter Steinmeier to give a speech and the Berliner Philharmoniker orchestra to perform.
German Health Minister Jens Spahn announced On Sunday that all times involving more than 1,000 participants should be cancelled to curb the spread of the virus.
“The resolution to cancel was very difficult,” executive chairman Christian Sewing and President Paul Achleitner told workers on a joint afternoon Monday afternoon that was noted through the Financial Times, adding that the lender “would not put any of our guests. the rite in danger of infection.” Deutsche Bank has lately been comparing the desirability of postponing the rite up to the time of 2020.
On Monday, Deutsche Bank’s inventories lost almost 13% on the German stock market and the inventory was the worst performed in the country’s Dax index.
Bethan Staton in London
A quarter in the UK died as a result of a coronavirus.
The patient is being treated at the Royal Wolverhampton Hospital and is about 60 years old with underlying fitness problems, the British fitness government confirmed. The user had contracted the virus in the UK and efforts are being made to locate their contacts.
The UK is the fifth country in the EU most affected, with fewer cases and deaths than Italy, France and Spain. Germany, with 901 cases, reported on Monday its first death from the virus.
Latin American stock markets joined global liquidation, and Brazilian stocks were on track for their worst functionality since the height of the 2008 currency crisis.
Brazil’s Bovespa index fell 9.4%, which would be its worst drop in a day since October 2008.
Argentina’s Merval index, the country’s stock exchange, fell 9.2 percent.
In Mexico, the CPI index fell 5.5 in line with the penny. The Mexican peso weakened more than four against the US dollar to 20.99 pesos.
Global equities suffered heavy losses Monday for fears of oversupply of oil and persistent uncertainty about coronavirus.
A war worthwhile between Saudi Arabia and Russia caused Brent to fall more than 18% to $36.94 a barrel, a minimum of about $31.
Lloyd Blankfein expects a repeat of the currency crisis and sees a rapid uptick in the United States once the risk of coronavirus dissipates.
The former chief executive of Goldman Sachs pointed to a strong underlying economy in the US, a well-capitalised banking system and the fact the financial system is not highly-leveraged.
Tobias Buck in Berlin
Germany reported on Monday of its first coronavirus deaths, recorded in the federal state of North Rhine-Westphalia.
The regional government said one of the victims was an 89-year-old woman from the city of Essen, who was diagnosed with the virus last Tuesday. The moment of death in the district of Heinsberg, the highest domain affected in Germany to date.
According to the Robert Koch Institute, which has been following the coronavirus outbreak in weeks, Germany has recently had 1,112 patients inflamed with the new virus. North Rhine-Westphalia accounted for 484 of these infections.
Chris Flood in London
The U.S. publicly traded budget Tracking energy markets was heavily affected by Saudi Arabia’s resolution over the weekend of launching a war on the value of oil, leading to the biggest drop in crude oil in a day since the Gulf War in the early 1990s.
The U.S. oil fund, known as USO, fell by 27.3%, while US Brent Oil, known as BNO, fell by 28.4%, as ETFs largely followed movements in the crude oil futures market.
Bank of America said it expected the value of crude oil to fall to $20 in line with the barrel, a low of 15 years, as there is still a really large accumulation of long positions (betting on value increases) that have not yet been released.
State Street’s Energy Select Sector fund fell 22.8%, while State Street ETF S-P Oil and Gas Exploration – Production fell 31.6% and EtF VanEck vectors Oil Services fell 39.3%.
High-yielding US ETFs, heavily exposed to indebted power companies, fell sharply.
BlackRock’s flagship high-yield stock market fund, known for its HYG symbol, fell 6.8 percent, while the nearest competitor, State Street’s JNK, fell 7.2 percent.
ETFs connected to the stock markets of Russia and Saudi Arabia also fell, and analysts warn that a quick solution to the oil value war is unlikely. BlackRock’s iShares MSCI Saudi Arabia ETF, known as KSA, fell 18%, while the VanEck Vectors Russia ETF, known as RSX, lost 18.8%.
The weakening of appetite for investor threats was also manifested through a wide-ed tension of promotion in emerging markets. BlackRock’s iShares MSCI Emerging Markets ETF, known as EEM, fell 9.6% for fear that the uncontrolled spread of coronavirus would drag the global economy into recession.
Bethan Staton in London
Ryanair is cutting more flights to and from Italy after the country’s government imposed a closure of spaces in the north of the country maximum hit by coronavirus.
The airline will suspend all Italian domestic flights to and from Bergamo, Malpensa, Parma and Treviso until 8 April, announced on Monday. It will offer a very small schedule of foreign flights from those airports and from Venice, basically for the thousands of non-Italian tourists in Lombardy who have to return home.
Ryanair announced last week that it would make 25% of flights to and from Italy in reaction to the outbreak. Many passengers on flights to inflamed spaces with the virus did not show up for flights, he added.
It said in a statement it “apologises sincerely” to customers for cancellations, which it said was in response to the Italian government lockdown on “all but essential” travel.
Goldman Sachs expects the Fed to cut interest rates on the party-to-point at its next meeting, as global central banks respond to market turbulence and economic uncertainty related to the coronavirus.
The Fed will cut its benchmark rate through 50 basic emissions next week, according to Goldman’s forecast. This would be a so-called emergency relief from the same margin in the run-up to the March meeting, which ends on 18 March.
“We now expect a 50-point reduction, in the component because the bond market is already valued by significant movement and the FOMC will likely be reluctant to threaten further tightening of monetary situations by refusing to comply,” said Goldman’s leading economist Jan Hatzius. . Customers.
Investors are in a 75 bp cut next week, with a score of 66.4% on the move, according to CME Group’s FedWatch tool.
Goldman Sachs also forecast a half-point cut in late April, bringing the federal budget rate to a target diversity of 0 to 0.25 percent.
Hatzius noted that maximum economic knowledge outside China remains “reasonably strong,” resulting in physically powerful US employment figures for February and lack of weakness in Goldman’s weekly follow-up for potentially coronavirus-sensitive sectors such as hotels, airlines, and sports. “However, confidence may be starting to get worse now, at least when measured through our new Twitter-based US customer sentiment index (which happens to be following the University of Michigan index well),” he added.
New York has the number of coronavirus cases from any U.S. state, Gov. Andrew Cuomo showed On Monday.
Cuomo, who spoke in the state capital of Albany, had a double visual capture, knowing that the 142 instances in New York made a Washington striker, of 573 nationwide.
However, no New Yorkers died, while 19 of the 22 national deaths occurred in Washington state.
One of the new instances in New York is that of Rick Cotton, executive director of the Port Authority of New York and New Jersey. The joint venture manages and maintains infrastructure in both states, airports such as John F. Kennedy International Airport.
Approximately 70 of the state’s 142 cases occurred around New Rochelle, in the New York suburb of Westchester, which Cuomo described as a “significant access point.” New York reported 19 cases.
Mr Cuomo said authorities were discussing school closures in Westchester, adding the main issue was duration, and that closures could last for weeks.
More broadly, the governor said the plan for any school in the state where a student is examined for coronavirus would be for the school to close for an initial 24-hour period. At this point, “we’re doing an assessment of the scenario and the facts, and taking a resolution to move on,” he said.
Cuomo said he would send a bill to the legislature to give staff paid for ill health a leave in his 40s. “If a government orders a quarantine, even voluntary, it puts a payed,” he says.
At the beginning of the press conference, Mr. Cuomo revealed that state prisoners had begun generating 100,000 gallons per week of hand sanitizer in an effort to counter shortages through panic purchases.
Clive Cookson in London
The World Health Organization approaches coronavirus as a pandemic, but it still is.
Dr Tedros Adhanom Ghebreyesus, Director-General of WHO, at a teleconference in Geneva:
Over the weekend, we found one hundred and 000 reported cases of Covid-19 in a hundred countries. Worryingly, so many other people and countries have been affected so quickly.
Now that coronavirus has taken hold in so many countries, the risk of a pandemic is very real. But it would be the first pandemic in history that could be controlled. The back is we’re not at the mercy of this virus.
Michael Ryan, WHO Head of Health Emergencies, added: “I’m worried about the word [pandemic]. I’m worried about the world’s reaction to that word. The reaction will be”Let’s beat! ” . “»
Dr Tedros also said: “Nearly $300 million has already been pledged for THE WHO Strategic Preparedness and Response Plan. We are encouraged by these symptoms of global solidarity. We continue to urge all countries to take swift and competitive action with their other people and save lives. “
A senior U.S. fitness officer warned that there is a “good chance” that many Americans will be physically ill because of the coronavirus this year or next, writes James Politi in Washington.
Although the number of cases of inflamed Americans exceeded 500 in 34 states and the District of Columbia, Nancy Messonnier, a vaccine specializing in the Centers for Disease Control and Prevention, said the virus spreads “easily and sustainably” among the population. He added that “essentially no immunity” opposed to the new disease, explaining:
As the epidemic continues, many others in the United States will be at some point this year or in the upcoming exposure to the virus, and there is a smart chance that many will get sick.
Messonnier reiterated that older Americans and those with underlying medical disorders take special precautions because they are maximums likely to expand severe headaches or die of coronavirus.
The CDC advises the most vulnerable people to avoid long flights and cruises, while taking every precaution imaginable in their normal lives.
James Shotter in Warsaw
Slovakia has banned the public government from organizing cultural or sporting events in the next two weeks, while the Central European country attempts to prevent the spread of coronavirus.
Outgoing Prime Minister Peter Pellegrini said the country would also require Slovaks returning from China, South Korea, Iran and Italy to be subject to 40 14 days.
Slovakia has shown 8 cases of the virus.
The mayor of the capital, Bratislava, said Monday that all the city’s number one kindergartens and schools would be closed from Tuesday until the end of the week after it was learned that one of them lit a kindergarten instructor in the city.
Kerin Hope in Athens
Spectators will not be able to attend the Tokyo 2020 Olympic Torch Lighting Ceremony on Thursday while Greece tightens measures to prevent the spread of coronavirus.
The Greek Olympic Committee, which is guilty of organizing the occasion in the former Olympia, said that only one hundred accredited visitors from the International Olympic Committee and the Tokyo 2020 Organizing Committee would be present.
The Ilia district, which includes the ancient games site, is located in a domain where 56 instances of Covid-19 have been shown, all members or relatives of an organization of Greek tourists who visited Egypt and Israel last month. Schools are closed. and public meetings banned the region.
The eight-day Olympic Torch Relay corridors will head to 31 Greek cities towards Athens, where the flame will pass to the Japanese Olympic delegation.
“We urge the mayors of the cities that the Olympic flame will pass through overnight to join the orders of the Ministry of Health and the National Organization of Public Health,” said the Hellenic Olympic Committee.
The number of coronavirus cases increased from 11 to 84 on Monday, the Ministry of Health announced. A patient is fit.
Greece has announced a two-week ban on spectators and school trips.
On Monday, the Greek Civil Aviation Authority said it had suspended all flights to and from northern Italy from the Greek airports of local and foreign airlines until 23 March. The measure was consistent with the Ministry of Health’s commandos to prevent the spread of Covid-19. CAA said.
Sam Jones in Zurich
Three German football officials accused of fraud in the historic Swiss criminal case opposed to FIFA appeared on the first day of their trial, saying they feared the threat of infection with a coronavirus.
Theo Zwanziger, Horst Rudolf Schmidt and Wolfgang Niersbach did not appear before the Swiss Federal Criminal Court in Bellinzone on Monday and sent a medical certificate to their lawyers claiming they were vulnerable because of their complex age.
The court denied his application and gave the trio until Wednesday to appear.
Otherwise, the trial will continue, said the presiding judge, Judge Sylvia Frei.
The case is a critical detail of the role of the Swiss police in a multi-year foreign investigation into corruption in world football, which erupted in public interest with FIFA’s dramatic arrest at the opulent Baur Hotel on Lake Zurich in 2015, sparked by the US attorney general formally accused 14 members of the sport’s governing body.
In Bellinzone, capital of the southern canton of Ticino, a few kilometres from the now-closed Italian border, measures that generated public interest were launched in court in the event of the case.
Everyone in the courtroom had to go through temperature checks and certify that they had been in contact with any coronavirus patient who had no symptoms of disease.
The trial was closed to the public, with the exception of journalists.
A fourth defendant, Swiss Urs Linsi, a former FIFA senior official, is present.
The Swiss federal prosecutor filed a complaint contrary to August 4 last year. Mr. Schmidt, Mr. Zwanziger and Mr. Linsi are charged with fraud, while Mr Niersbach is accused of complicity in the fraud.
The defendants allegedly paid a disgraced former FIFA officer, Mohammed Bin Hammam, 10 million francs, who hid the loan payment.
There’s a lot of tension for the Swiss government to close the case. A statute of limitations means that if a ruling is terminated until the end of April, the case will collapse.
Judge Frei said the three German officials could be “taken” to court on Wednesday for the dangers of public transport.
Nigeria’s finance minister has said Africa’s largest economy will cut its budget by $34.6 billion by 2020 due to the sharp fall in crude oil prices, writes Neil Munshi in Lagos.
“There will be relief in the budget’s earnings and this will mean relief in the length of the budget,” Zainab Ahmed told Reuters in the capital, Abuja, after an emergency assembly with President Muhammadu Buhari and cabinet members.
Ahmed said he would lead a special committee that would add the oil minister, the central bank governor and the head of the state oil company to assess the effect of lower oil costs on Africa’s largest crude oil manufacturer and the extent of the budget cut.
Crude represents more than a portion of the Nigerian government’s revenues and almost all of its currencies, and low costs make a high-risk country like Nigeria less excited with investors for new projects.
Reports through Mehul Srivastava
Israel will place all the world’s travelers in immediate quarantine for at least two weeks, Prime Minister Benjamin Netanyahu said.
This makes Israel the first country to check for additional infections by regulating all contacts with the outside world. Over the weekend, he closed border crossings with Egypt and Jordan.
The order, which remains in effect for at least two weeks, means that tens of thousands of travelers to the Holy Land for Easter and the Jewish holiday of Purim will likely be rejected at airports if it turns out they have a position to isolate themselves. .
Prime Minister Benjamin Netanyahu has already imposed some of the world’s most severe restrictions on Israelis, adding that he was one of the first to climb Italy and other EU countries to the list of countries that activated a rapid quarantine for arrivals.
The government had added the United States to the list over the weekend, but the decision was delayed.
Some 60,000 Israelis are already isolated, with prominent politicians, sports figures and some in the army leadership. Israel has shown 42 cases of coronavirus and 25 cases in the occupied Palestinian territories. The government has also mobilized the military to maintain the chains of origin.
Valentina Romei in London
The number of coronavirus cases in Italy increased to more than 9,000 on Monday, up from 7,300 the previous day, marking the fastest buildup since the outbreak, according to the knowledge of the civil coverage agency.
Of these, only about 8,000 other people tested positive, 724 recovered and the death toll increased to 463.
Most of the cases are found in the rich region of Lombardy, which accounts for 22 of Italian production, with more than 5,400 cases, compared to 4,100 the previous day. The domain closed Sunday with another dozen neighboring provinces.
The number of instances for Italy by region and province can be found on the Civil Protection Agency’s website. Yellow areas involve closed provinces and spaces where groupings are prohibited.
Arthur Beesley in Dublin
Leo Varadkar warned that Covid-19 posed unprecedented risks, as the coronavirus outbreak led Ireland to cancel next week’s St Patrick’s Day parades and introduce a special package of 3 billion euros for hospitals, with poor wages and business support.
After convening the special closet subcommittee on Monday, the prime minister said the government is preparing for a primary escalation of an illness that has now inflamed 24 others in the Irish republic.
Dublin will implement plans ready last year for a Brexit without agreement involving the economic consequences of the epidemic and the government will rush to pass an emergency law for workers’ disease reimbursement rights, he said.
“If a vaccine and a remedy are not developed, then the scenario obviously will look nothing like what we experience in our human memory,” Varadkar told reporters.
The government canceled St Patrick’s Day parades across the country on 17 March, adding the Dublin parade that hoped to draw thousands of spectators to the city streets. Citing the recommendation of fitness officials, he said that the parades may simply not take up position due to their unique nature and scale and the large number of local and foreign travelers.
To counteract the virus, the government will convert hospital wards into extensive care sets as part of a 430 million euro plan to develop fitness capacity. You will also use a personal hospital area and need to requisition buildings for comprehensive care. “We are facing a global and national public fitness emergency. It is conceivable that we face unprecedented occasions in times of fashion,” Varadkar said.
An extension of sickness benefits will charge EUR 2.4 billion. Up to two hundred million euros of liquidity will also be made available to companies, firstly prepared to deal with a Brexit without agreement.
The resolution of plans to fight Covid-19 comes a month after an unfinished general election that left Varadkar’s Fine Gael party in third place. Amid symptoms that the coronavirus will lead political leaders to accentuate talks on government formation, the Taoiseach meets Monday night with Michael Martin, leader of the opposition Fianna Fail party, who won the maximum of seats.
Both Varadkar and Martin insisted that they would not rule with sinn Féin nationalists, who won the popular vote and the second-highest number of seats. Varadkar said he would only seek to return to the government as a last resort, but top analysts eventually will lead him to deal with Martin and the Greens.
The sale to Wall Street intensified in the final hours of negotiation, as uncertainty over the coronavirus and a nascent war over the value of oil continued to bring down stocks.
S.P.500 fell 7.4% until mid-afternoon in New York, near its consultation lows, with monetary and powerful stocks leading the downstream market. The Dow Jones industrial average fell 7.7%, or more than 1,900 points. The Nasdaq Composite fell 6.7%.
The announcement that Saudi Arabia will increase its oil production caused a sharp drop in Brent, which fell 22.6% to $35.06 in line with recent barrel negotiations. The fall in oil has weighed heavily on the stockpiles of power groups, especially those exposed to American shale, where production is more expensive than classical extraction. The electricity sector of the S.P.500 fell by 18.9%, which would be its worst recorded drop.
The monetary sector fell 10.8 in line with the penny, and yield on the 10-year Treasury note fell 18.3 basic emissions to 0.524 in line with the penny. JPMorgan Chase fell 13 consistently, while Bank of America lost 15.9 consistent concent.
The dollar index, which follows the dollar against the currencies, fell 1 consistently with the penny.
In Europe, the Continent-wide Stoxx 600 closed with a drop of 7.4%.
Bethan Staton in London
Moody’s lowered the prospect for passenger airlines to negative, solid due to the coronavirus, following a blow in the passenger call that is expected to persist in the coming months.
The rating company estimates an overall operating score margin of less than 5%, below the previous point of 9%, for airlines it evaluates, as quarantines, trade restrictions and the avoidance of recreational activities are driving carriers to reduce capacity.
Airlines such as British Airways, Ryanair and Easyjet have announced significant discounts on their flight schedules, with Lufthansa reducing capacity by up to 50% in what appears to be a crisis for the industry.
Standard and Poor’s offers an industry-wide rating, but Chief Executive Phil Baggaley said individual ratings are “negotiating in a less favorable direction.”
Moody’s noted, however, that “large unknowns” in the path of coronaviruses – and significant diversifications between regions more or less affected by the epidemic – meant that it was difficult to expect the prospective impact. It stated that its fundamental assumption that the virus would be primarily a challenge in the first part of 2020.
Peter Wise in Lisbon
Portugal’s president tested negative for coronavirus, but will stay away for two weeks after a classmate who visited presidential headquarters tested positive for the virus, he said.
A said that Marcelo Rebelo de Sousa was examined on Monday afternoon and the result was negative. “While it still doesn’t show viral symptoms, the president will continue to paint from home for the next two weeks,” he added.
The president told RTP tv from his personal apartment near Lisbon that he could conduct more checks based on the recommendation of medical authorities. Yours didn’t specify what kind of check he had taken.
The student who tested positive for the virus attends a school in the northern city of Felgueiras, in the midst of the largest organization of coronavirus cases in Portugal. Schoolmates, but not the student, attended a time at the president’s official last Tuesday. Portugal has so far reported 35 cases of the Corvid-19 virus.
A Sunday issuer said that Mr. Rebelo de Sousa had made the decision to cancel all public commitments for 14 days and paint on his personal apartment to set an example of the “solid preventive measures” needed to combat the virus.
TAP-Air Portugal, the national airline, announced on Monday that it would cancel another 2,500 flights, bringing to 3,500 the number of flights that the lossy airline cancelled between March and May due to the coronavirus.
Victor Mallet in Paris
French Culture Minister Franck Riester tested positive for coronavirus, but is “fit,” according to his office, cited through French news firm AFP.
The French fitness government announced on Monday that the number of demonstrations in the country had increased to 1,412, with 25 deaths.
Meetings of more than 1,000 more people were banned in an attempt to prevent the immediate spread of the disease.
The Elysée palace had no immediate word on when Mr Riester, who is now staying at home, was last with President Emmanuel Macron and other ministers.
Several cases have been known in the construction of the French National Assembly.
Virus diagnostic kit provider warns it opposes rationing of your product
Hannah Kuchler in New York
A supplier of coronavirus diagnostic kits warned that you might want to ration the products while accelerating production to verify and comply with the developing call to check patients for the virus.
Qiagen, a German manufacturer of verification technologies, said it faced an “extraordinary demand” for the responses used to extract the genetic series of the virus from a sample. He said in a tweet that this “calls into question our ability for safe parts and may result in delays in delivery or reduced allocation of affected products.”
A spokesman told the Financial Times that he had a verbal exchange with clients around the world. “We have to prevent one visitor from making a giant wholesale order while others get nothing. We want to make sure that, in general, everyone has had enough.”
Demand has increased every day since the outbreak began, but has increased particularly over the next two days, he said. The company has established a third shift in its factories and its staff paints on weekends, expanding capacity by about 20 percent.
Thermo Fisher Scientific, the U.S. scientific equipment manufacturer, last week announced its goal of winning Qiagen, valuing the company at around $11.5 billion.
The BlackRock Investment Institute said the surprise of the coronavirus outbreak in money markets and the global economy proved temporary, highlighting the differences between market turmoil and the 2008 currency crisis.
“The magnitude of money market movements in reaction to the coronavirus outbreak is reminiscent of the global currency crisis. However, we do not believe it is 2008. The effect of viral surprise is probably significant and clear, but we believe investors deserve to be weighed, have a long-term vision and stay invested,” BlackRock said.
“The economy is on a more powerful basis and, above all, the monetary formula is much more powerful than in the 2008 crisis.”
Global markets began the new week with other brutal mass sales amid the uncertainty about the coronavirus and its economic consequences. U.S. stocks fell more than 7% in arrears on the day, coinciding with a sharp drop in oil costs that caused losses in the electricity sector.
BlackRock does not believe that the market turbulence driven by coronavirus will stop the expansion, “as long as a preventive and coordinated political reaction is provided.”
The Fed has made a so-called emergency rate cut at its March policy meeting next week, where investors expect the central bank to further cut interest rates. Meanwhile, U.S. officials have thought of political action for the economy, along with efforts to engage the epidemic. Donald Trump plans to meet with White House advisers Monday afternoon to discuss the administration’s options.
BlackRock added:
Now is the time for investors to maintain a long-term perspective. The final intensity and duration of the economic effect on the coronavirus are very uncertain, but we still believe that the surprise deserves to be the transitory, since the epidemic will eventually be consumed and economic activity will normalize, provided that the mandatory political reaction is provided.
U.S. banks’ stocks expected their biggest fall in a day since April 2009, as fears of a war over the value of oil and the fast-spread coronavirus hit markets and sent bond yields to historic highs.
The KBW bank index, one of the highest measures of the functionality of the U.S. banking sector. More observed, it fell 14.5% on the way to its worst functionality of a day in more than a decade. CIT Group has the worst performance in the index, 22% less.
Among Wall Street’s largest banks, Citigroup was the lowest performer, down 16.5%, Bank of America fell 16.2%, while JPMorgan’s shares fell 14%. Wells Fargo shares fell by thirteen percent; The lender announced Monday’s departure of a fellow board member long before this week’s hearings to read about their 2016 fake accounts scandal.
Monday’s sale eliminated about $120 billion from the market capitalization of the 4 banks.
The shares of Goldman Sachs, which is a member of the KBW Bank index, fell by more than 10%.
The fall in banking stocks comes after the Fed made an emergency cut of 50 key issues last week and markets forecast additional rate cuts. Lower rates restrict banks’ net interest margins: the difference between what the lender will pay for deposits and what it earns for loans. In addition, the coronavirus epidemic has weighed on the global economic outlook and may also be a drag.
Colby Smith in New York
A market move of U.S. inflation expectations fell to its lowest point since Monday’s currency crisis, as turmoil swept global markets and investors feared a close recession due to the deepening coronavirus outbreak.
The 10-year equilibrium rate in the United States, which stems from inflation-protected government securities and measures what investors believe inflation will be in 10 years, has fallen below 1% for the first time in more than a decade.
Meanwhile, the measure of the inflation market, the exchange rate of 5 to 5 years, which measures what expectations of five-year inflation will be in five years, also fell to 1.25%. That’s well below the Fed’s 2% inflation target.
The collapse in inflation expectations came when U.S. stocks suffered their worst fall in a day since 2008 and government bond yields fell to new all-time lows. The U.S. Treasury type curve. As a total of less than 1% at one point on Monday
Wall Street approached the threshold of a market with a heavy liquidation of U.S. stocks, after oil recorded its biggest drop in a day since the first Gulf War.
The S.P.500 sank 7.6 cents in line with the strong voltage of the electricity sector, which fell to the highest recorded. Financial stocks also fell on a day when the yield on the 10-year Treasury note reached a new all-time low of around 0.32%. Recently they reduced 12 basic problems to 0.587 consistent with percent.
With Monday’s settlement, the S-P 500 benchmark fell 18.2% from its February 19 peak. A market is explained as a 20% drop from a recent high.
And with 7.6 percent, the S.P.500 drop, its worst since December 2008, erased $1.87 billion from its market value, according to Howard Silverblatt, senior index analyst at Dow Jones Indices.
The high-tech Nasdaq Composite fell 7.3%. The Dow Jones industrial average 7.8 percent.
The Vix, known as Wall Street’s “fear indicator,” rose 11.9 numbers to 53.9, its point since January 2009.
Oil prices provided a spark for the decline in equities, which were already under selling pressure amid uncertainty over the coronavirus outbreak and its economic impact. Brent crude settled 24 per cent lower at $34.36 per barrel after news that Saudi Arabia plans to increase production in a price war with Russia.
Daniel Dombey in Madrid
Spain has responded to an increase in the number of coronavirus cases by applying stricter restrictions, in particular through the temporary completion of all educational establishments in Madrid and other regions most affected.
The government also suggested to citizens of the capital and towns of Vitoria and Labastida in the Basque Country to paint remotely and flexibly and to avoid unnecessary meetings.
These measures constitute a marked replacement in the position of the management of Pedro Sánchez, who in the past had been reluctant to impose measures that could disrupt the economy and the functioning of society.
“Knowledge implies a replacement for the worse in the evolution of this disease in Spain,” said Salvador Illa, Minister of Health. “We must replace the situation, from containment to reinforced containment.”
By Monday night, more than 1,200 people in Spain had become inflamed with the virus, more than double the total of 469 cases the previous day, with 29 deaths. In Madrid, the number of cases almost tripled in 24 hours, from 202 to 577.
Miles Johnson and Davide Ghiglione
Italy has announced that the entire country will be quarantined at its government’s dramatic top step to date to involve the largest coronavirus outbreak of the moment outside China’s gates.
Giuseppe Conte, Italy’s prime minister, imposed restrictions on the movement of Italy’s total, with a population of more than 60 million people, as Italians were told not to leave their homes for urgent fitness or painting reasons.
Schools and universities will be closed on the peninsula and all public gatherings will be prohibited until 3 April. Emergency measures occur after Italy has noticed a sharp increase in the number of cases in the last two days, beating South Korea as the largest epidemic. China doors.
“If public fitness is an asset at risk, we are obliged to make sacrifices,” Conte said at a press convention Monday night, calling for the new emergency measures “I’m staying at home.”
“There will be no more red zone, all of Italy will be an area,” Conte said. “We will have to avoid travel other than emergency or for essential reasons to paint in designated areas.”
Early Sunday morning, Conte’s government announced that areas of northern Italy would be quarantined, focusing on the repugnant and rich region of northern Lombardy.
The Winners Club, a small club in a large-scale market clearance wave, however, expectations of strong sales of disinfectants supported a handful of U.S. companies.
Shares of only nine corporations in the S-P 500 posted profits on Monday, led by AutoZone, the auto parts retailer. Rivals Advance Auto Parts and O’Reilly Automotive also won, forecasting a very likely drop in gasoline costs after the biggest fall in oil in a day since 1991.
Dollar Tree, Dollar General and Clorox were also on the list. U.S. stores have noticed an increase in demand for soap, hand sanitizer, and other pieces of non-public care amid considerations of the spread of coronavirus.