People who flout new order in Xiaogan city in central Hubei face detention for 10 days as global death toll reaches 1,775. Follow live news and latest updates 7.23am GMT We are going to pause our live coverage of the coronavirus for today. Thanks for reading. Here are the latest developments: Related: Coronavirus: Japan braces for hundreds more cases as another China city locked down 7.06am GMT The Covid-19 outbreak has officially had no negative impact on the country’s stock markets. After a huge 8% fall on the first day of trading after the lunar new year break, indices have fattened up again and are buoyed by the promise of stimulus from the central bank (see below).The Shanghai Composite was up 2.19% in afternoon trading while the Shenzhen Composite rose 2.84%.Even by the ludicrous standards of Chinese equity markets, this is quite something. Stocks have basically erased their entire coronavirus-related decline. pic.twitter.com/foZZBykrdSShanghai Composite now up 10% from the post-LNY lows $SSEC $SHCOMPStimulus > #coronavirus Continue reading...
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Coronavirus live updates: South Korea cases approach 5,000 as WHO says world in 'uncharted territory'
Hong Kong charters plane to bring 500 people back from Wuhan as China infections and deaths...Hong Kong charters plane to bring 500 people back from Wuhan as China infections and deaths drop. Follow live news Australian PM calls for calm as coronavirus prompts panic buying at supermarketsThe end of the handshake: saying hello during the coronavirus outbreakItaly’s coronavirus death toll rises to 52NBA tells players to avoid high-fiving fans and autographing itemsSix dead in Washington state as new cases reported across US 6.32am GMT In China, Shanghai will require everyone entering the city from countries with “relatively serious virus conditions” to submit to 14 days of quarantine, an official said on Tuesday. The rule will apply to all people regardless of nationality, said Xu Wei, an official with the city government’s news office, speaking to reporters at a briefing. 6.10am GMT Canada has asked travellers arriving from Iran – one of the countries hardest hit by the new coronavirus epidemic – to self-isolate at home for 14 days, even if they are not exhibiting any symptoms.Health authorities asked Canadians to avoid any non-essential travel to Iran and the northern region of Italy, which have both emerged as major hotspots for the infection. Continue reading...
Emergency rate cuts won't be enough to save the unstable stock market, top market strategist warns | Markets Insider
Traders are boosting their bets on central banks cutting rates as coronavirus deaths spike, but such...Traders are boosting their bets on central banks cutting rates as coronavirus deaths spike, but such policy won't do much for stock markets, Seema Shah, chief investment strategist at Principal Global Investors, said Monday. Rate cuts primarily strengthen borrowing and, in turn, demand. Such policy won't insulate markets "against supply-side concerns," Shah wrote in an emailed statement. Investors should pivot to protecting their portfolios and avoid buying stocks at lower prices, she added, as markets have already demonstrated "over-complacent" behavior toward coronavirus news. Shah recommended investors watch European companies for profit warnings, as the export-heavy economy faces great risk from a manufacturing slowdown. Visit the Business Insider homepage for more stories. Investors looking to buy stock during Monday's dip shouldn't expect much help from central bank policy, Seema Shah, chief investment strategist at Principal Global Investors, said Monday. Traders are boosting their bets on central banks cutting rates as coronavirus fears roil markets. Lower rates bring cheaper borrowing, and cheaper borrowing often brings increased spending. Investors are betting on two interest rate cuts from the Federal Reserve in 2020, according to Bloomberg, but Shah doesn't think such action would provide markets with the cushion many are looking for. Rate cuts might provide a small boost to demand, but coronavirus' hit to global supply chains isn't easily averted and can drag stock prices lower, the strategist said. Apple warned on February 17 that its next-quarter revenue will land below initial guidance as "temporarily constrained" iPhone supply and weak demand in China dented sales. Other companies including Tesla, Starbucks, and Nike have alerted investors to earnings risk related to the outbreak. The market just learned that rate cuts won't "insulate it against supply-side concerns" and push stocks higher, Shah said in emailed comments. "While further Fed cuts, and potentially an ECB cut, may be priced in, easier liquidity conditions may be insufficient to prop up equity markets if coronavirus concerns continue to escalate," she wrote. "Monetary policy is not optimized for addressing a shock such as this." Global stocks tumbled in Monday's trading session after a spike in virus-related deaths outside China fueled new fears that the outbreak will harm global growth. Investors flocked to safe-haven assets, driving gold near $1,700 per ounce and pushing the yield of the 10-year Treasury bond to its lowest-ever level. Some analysts viewed Monday's drop as a prime buying opportunity before the record-long bull run resumes. US stock prices sat at record highs as recently as last week, already surging higher after investors shrugged off initial reports of the virus' severity. The "over-complacent" reaction seen earlier in February should motivate investors to take defensive positions before another plunge, Shah said. "Given these over-valuations and market susceptibility to negative news flow surrounding the outbreak, investors should look to protect their portfolios and resist the urge to buy the dip," the strategist wrote. Shah recommends investors watch for new profit warnings in Europe to signal markets' next step lower. The continent's risk asset valuations "may have peaked," according to the strategist. Europe's economy relies heavily on export activity, and its entire stock market is at risk if coronavirus harms manufacturing activity, Shah said. Principal Global Investors manages $476.4 billion worth of assets. The S&P 500 was down about 2.7% as of 3:15 p.m. ET Monday. Now read more markets coverage from Markets Insider and Business Insider: Drug developer Gilead soars to 16-month high after WHO official says its experimental treatment is best shot for fighting coronavirus Fidelity and Charles Schwab say some users ran into technical issues in early trading as stocks tanked the most since August Intuit is reportedly about to buy Credit Karma for $7 billion, and a Wall Street analyst says it could give Intuit's AI a much-needed boostJoin the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
UK prepares evacuation flight for cruise ship passengers. Follow the latest newsBritish couple on Diamond Princess...UK prepares evacuation flight for cruise ship passengers. Follow the latest newsBritish couple on Diamond Princess test positiveSenior doctor dies in WuhanWhat is the coronavirus?Share your experiences 9.19am GMT The son of the British couple who tested positive for the coronavirus while on board the Diamond Princess described the government’s response as “appalling”. David and Sally Abel, who published video diaries from a cruise ship quarantined off the coast of Japan, said they have tested positive for the new coronavirus.The son of a British couple recently tested positive for the #Coronavirus on board the #DiamondPrincess call the government response "Appalling".Steve spoke to #BBCBreakfast after David and Sally Abel said they've been taken to a hostel after the positive test. pic.twitter.com/gtYLcad2UG 9.01am GMT Philippines’ tourism and travel industry is projected to lose billions of peso with the temporary travel ban imposed on travellers from China, in the aftermath of the novel coronavirus outbreak. Continue reading...