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Updated March 9, 2020 at 4:36 pm IST
The world’s largest economies issued more ominous signals on Monday, as fears over the virus outbreak sent inventories and oil tumbling and shuttered sites ranging from the Sistine Chapel to Saudi schools.
The world’s largest economies issued more ominous signals on Monday, as fears over the virus outbreak sent inventories and oil tumbling and shuttered sites ranging from the Sistine Chapel to Saudi schools.
Stocks in Asia, the Middle East and the United States fell sharply, reports on the health of the economies of Japan and China sparked even more concern, and the slowdown was felt by others around the world.
“Our business is one-fifth of what it was before,” said Cheng Sheng, who helps run a food stall in Beijing that sells sausages and noodles. “There’s a lot less foot traffic. There’s no one there.
While the weakening economy blamed, at least in part, on the virus that has affected more than 110,000 people, cases have been reported in more than a portion of the world’s countries and hot spots have emerged around the world.
In the U. S. , where more than 500 infections have been reported, all eyes were on cruise ships on both sides of the country, kept at bay by viral threats.
The passengers disembarked from the Regal Princess early Monday after being cleared to dock in Florida. Tests conducted on two team members who were potentially carriers of the virus came back negative.
Meanwhile, the Grand Princess was scheduled to dock in California with 21 other people on board who tested positive for the coronavirus. Passengers had to be quarantined.
In Saudi Arabia, falling oil prices led to a sharp drop in the Riyadh stock exchange. The country has suspended air and sea travel to and from Bahrain, Egypt, Iraq, Italy, Kuwait, Lebanon, South Korea, Syria and the United States. Emirates after finalizing its land borders.
All universities and Saudis were closed as of Monday.
In Italy, the government followed China’s lead by issuing a quarantine order to confine 16 million people in parts of the north of the country. The Italian financial hub of Milan and its famous resort town of Venice were among the targeted locations for the move. The order, and across the country, museums and archaeological sites were closed, weddings were canceled and restaurants were asked to keep consumers within three feet. The country has recorded 7,375 cases of COVID-19.
China reported 40 new virus cases on Monday, its lowest number since Jan. 20. According to the figures, more than three-quarters of patients who survived the virus have been discharged.
Posted on Mar 9, 2020 at 04:36 PM IST
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