Russia in Record Daily Rise
As the potential for coronavirus to devastate economies is hitting home, numerous countries are announcing huge stimulus packages:
- Italy: The government has promised to “inject liquidity” to generate €340bn ($383bn) cash flows
- Spain: Prime Minister Pedro Sanchez says his government will spend €200bn ($220bn), in the largest spending package since Spain became a democracy 40 years ago. “The state will absorb the shock,” he said
- France: On Tuesday Paris created a €45bn ($50bn) package to support businesses and workers. Another €2bn ($2bn) has been earmarked for small restaurants or tourism companies. That adds to the €500bn ($547bn) package promised on Monday.
- Germany: Chancellor Angela Merkel promised €550bn ($603bn) in government-backed loans
- US: President Trump will ask Congress to approve an $850bn package
- Japan: The country is preparing a package of up to $193bn, that could include cash payouts to households
FTSE Closes Higher, Wall St. Opens With Gains
18:09 The UK’s FTSE 100 closed higher on Tuesday, ending the day up 2.79%, or 143.82 points, at 5,294.90. In the US, the Dow is up 2.39%, the NASDAQ up 4.11% and the S&P500 up 4.08%.
Alitalia to be Nationalised
11:32 The Italian airline is to be nationalised after a rescue package reportedly costing the taxpayer some $670m (£550m) has been agreed to save the Italian company in the wake of the coronavirus.
Travelex Prepares for Insolvency
11:07 The owner of currency firm Travelex has called in accountants to prepare for possible insolvency. Shares in the firm were suspended yesterday. The impact of the coronavirus is believed to be the final nail in the coffin for the company.
FTSE Opens Higher
08:15 In the first few minutes of trading, London’s FTSE 100 Index opened with 1,9% gains.
Amazon to Hire 100,000 to Meet Online Demand
07:12 Online retail giant Amazon has said that it will look to hire an additional 100,000 extra warehouse staff in order to meet the heightened demand for online purchases prompted by the coronavirus.
Trump Warns Virus Could Cause Recession
21:45 President Trump has warned that the US could be heading for a recession due to the coronavirus outbreak.
EU Death Toll Rises
19:19 The death toll in Italy from Coronavirus has increased to 2,158, with another 349 victims announced today. Spain confirmed 9,191 cases and 309 deaths, making it the second hardest-hit country in Europe after Italy.
How Has Coronavirus Affected the FX Markets?
In a Finance Magnates exclusive, legendary trader and analyst Marshall Gittler, breaks down how has coronavirus affected the forex markets. Marshall looks at the United States and explores exactly how prepared is the world’s largest economy for the impact of the Coronavirus
Coronavirus Vaccine Being Trialed
18:37 In the US, a human trial of a vaccine against coronavirus has given a dose to its first participant. This is the first of a group of 45 healthy volunteers to be given the trial at the Kaiser Permanente research facility, in Seattle. All the volunteers will receive an injection over a six-week period.
ASIC Imposes Emergency Trading Rules
The Australian Securities and Investments Commission (ASIC) announced that it has taken steps to ensure the country’s equity markets remain resilient after high volumes led to the regulator imposing a 25% reduction in market trades. Read more on ASIC emergency measures here.
IMF Calls for Fiscal Action on Coronavirus
18:00 The IMF has called for governments to take fiscal action to combat the economic impact of coronavirus.
Managing Director Kristalina Georgieva says “Many governments have already taken significant steps, with major measures being announced on a daily basis—including yesterday’s bold, coordinated moves on monetary policy. But clearly, even more needs to be done. As the virus spreads, increased coordinated action will be key to boosting confidence and providing stability to the global economy.”
EU Proposes Suspending Non-Essential Travel
16:03 The president of the EU commission has announced that the EU is proposing suspending all non-essential travel for 30 days.
Plus500 Benefiting From Coronavirus Fuelled Volumes
Finance Magnates reported that Plus500 expects that revenue and profitability for 2020 will be substantially ahead of its forecasts. Having issued a statement via the London Stock Exchange, part of the uptick in customer trading activity has been attributed to the heightened market volatility caused by the coronavirus. You can read the full story here.
15:51 According to state broadcaster RTE, an estimated 140,000 people have been laid off in Ireland since emergency measures to combat coronavirus were introduced four days ago. The comprises 70,000 restaurant workers, 50,000 pub and bar staff, and around 20,000 crèche and childcare workers.
US Stocks Sink Again
15:32 US markets plummetted over 7%, triggering an automatic suspension of trade in the minute after opening.
Bankrupt Airline Industry?
12:35 Aviation intelligence newsletter Centre for Aviation (CAPA) is predicting that by the end of May 2020, “most airlines in the world will be bankrupt”.
“As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants.”
Brent Oil Hits 4-Year Low
12:28 Brent Oil Plummets more than 10%, down to a 4-year low.
FTSE Opens to Heavy Losses
09:35 The FTSE 100 fell nearly 9 percent in the opening hour of trading, taking the London blue-chip index to its lowest level in almost a decade
Central Banks Partner Over USD Liquidity Swaps
21:39 The US Federal Reserve announced that it has signed an agreement with the central banks of Canada, Japan, Switzerland, the UK, and the European Central Bank to lower the price of standing USD liquidity swap arrangements by 25 basis points.
Fed in Surprise Rate Cut
21:15 The US Federal Reserve has made its second emergency cut to interest rates in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25%.
It has pledged to keep it at this level “until it is confident that the economy has weathered recent events.”
120 Dead in France
19:25 France’s health minister confirmed on Sunday that 120 people had now died from coronavirus in the country, up from 91 on Saturday. The number of cases had risen to about 5,400, up from 4,449 yesterday.
Italy Sees Cases Surge
18:35 Italian authorities have confirmed the number of infected in the country has risen from 2,853 to 20,603. The death toll has risen from 1,441 to 1,809 on Sunday.
Spanish Numbers Soar
13:13 Spain has now recorded 2,000 new virus cases and over 100 deaths in the last 24 hours. Spain is the second hardest-hit country in Europe, after Italy
Czech Cases Rise
11:42 The Czech ministry of health confirmed that there are now 214 confirmed cases of coronavirus in the country – an increase of 25 since yesterday
113 Iranian Deaths in 24 Hours
10:47 Iran’s death toll from the coronavirus has now reached 724, with 113 new deaths recorded in the past 24 hours.
UK Over-70s to Self Isolate for up to Four Months
09:31 Over 70’s in the UK will be asked to self-isolate for up to four months, in order to protect them from the virus
Greece Confirms Fourth Coronavirus Death
08:58 Greek authorities have confirmed the fourth death from coronavirus. Health Ministry officials announced that 228 people have so far contracted the virus in Greece
Egypt Cases Increase
08:14 COVID-19 infections have jumped to 110 confirmed cases in Egypt according to the country’s Ministry of Health, up from 80 on Friday.
Latest Worldwide Figures
07:13 There are now 156,400 coronavirus cases worldwide, according to Johns Hopkins. There have been 5,833 deaths related to the virus.
Here are 10 countries with the highest numbers of confirmed cases:
South Korea: 8,086
United Kingdom: 1,143
Thailand Reports Biggest Daily Increase
06:38 Thailand reported 32 new coronavirus cases on Sunday, the largest single daily increase so far. bringing the total infections in the Southeast Asian country to 114,
Uzbekistan Confirms First Coronavirus Case
06:21 An Uzbek citizen has tested positive for coronavirus after returning from France, Uzbekistan’s Healthcare Ministry said on Sunday, marking the first infection from the virus in the Central Asian country of 34 million.
Queensland Total Hits 55
05:20 The Australian state of Queensland has confirmed fifteen new coronavirus cases, bringing the total to 55
Spanish Death Toll Leaps Higher
17:43 The coronavirus death toll in Spain has so far reached 190 on Saturday, up from 120 the day before.
Italy Reveals Scale of Spread
17:21 According to official data, Italy’s coronavirus death toll rose to 1,441 from 1,266 on Friday. The number of confirmed cases has risen to 21,157 from 17,660 over the same period.
Latvia to Close Borders
17:01 As well as banning all public gatherings of more than 50 people, prime minister Arturs Krišjānis Kariņš has announced that Latvia will also close its borders to all foreigners from Tuesday
US Suspends UK and Ireland Travel
16:49 In a press conference, Vice-President Mike Pence announced all travel to the UK and Ireland will be suspended from midnight Monday EST.
Denmark Confirms First Coronavirus Death
16:24 According to Reuters, Denmark has confirmed its first coronavirus-related death. As of 14 March 2020, there have been 836 confirmed cases in Denmark.
Indonesia to Close All Schools
15:23 Indonesia, the world’s fourth most populous country, reported on Saturday 27 more coronavirus cases, bringing the total confirmed infections to 96 and deaths to five.
Jordan Goes Into Lockdown
14:54 Despite only having one single confirmed case of coronavirus, Jordan says it will suspend all passenger flights in and out of the country from Tuesday. Schools, universities and tourist sites will also be closed. Saudi Arabia and Kuwait have already cancelled all international flights.
South Africa Cases Increase
14:39 The total number of coronavirus infections in South Africa increased to 38 on Saturday, from 24 a day earlier, the health ministry stated.
UK Deaths Almost Double in a Day
14:13 According to the latest statistics from the National Health Service, the total number of deaths in the UK from coronavirus has almost doubled in the past 24 hours, going up from 11 to 21. Since 2pm yesterday 342 new cases have been diagnosed with 1,140 coronavirus cases now confirmed in the UK, according to Public Health England.
Netherlands Cases Rise
13:48 The number of coronavirus cases in the Netherlands has increased by 155 to 959, with two further deaths.
Spain Sees 37% Increase in 24 Hours
11:46 The tally of confirmed Covid-19 cases in Spain has now reached 5,753, up from 4,209 on Friday, representing a 37% increase in 24 hours. Madrid accounts for about half of all cases. Seville has announced that it will be cancelling the city’s world-famous Holy Week processions
Malaysia Reports 41 New Cases
11.21 Saturday has seen Malaysia report 41 new cases of coronavirus, all of them linked to a religious event just outside of the capital Kuala Lumpur, attended by around 10,000 people.
Iran Death Toll Mounts
10.31 Iran’s death toll from the Coronavirus has jumped another 97, as Iranian state TV reports the number dead has now risen to 611.
WHO Reports 142,000 Worldwide Cases
10:24 The latest figures from the World Health Organization show that there are now more than 142,000 coronavirus cases globally and over 5,300 related deaths. China remains the hardest-hit country, with close to 81,000 cases. Italy has more than 17,000 cases, followed by Iran, with more than 11,000 cases.
Ventilator Production Increased in Europe
10:10 According to Reuters, Germany has ordered 10,000 ventilators and Italy has ordered 5,000 medical ventilators costing $17,000 each. Italy is getting the army involved to help with the production line as European factories are in overdrive.
New Cases in China Slow
9:53 China is now reporting more imported cases than local infections for the first time. According to data released by the National Health Commission, mainland China had 11 new confirmed cases on Friday, up from eight cases a day earlier, but only four of those – all in the virus epicenter of Hubei province – were locally transmitted. The remaining seven cases were all detected in travelers coming into China from overseas.
US Travel Ban
8:25 A ban on non-Americans travelling from 26 European countries comes into force in the US as President Donald Trump declares a national emergency, releasing $50bn in federal funds.