Governments in Europe tightened curbs on free movement to stem the outbreak and are exploring ways to ease the financial impact. US Treasury Secretary Steven Mnuchin is rallying Senate Republicans to quickly pass the House package of economic measures. Goldman Sachs Group now expects China’s economy to contract by 9% in the first quarter and Hong Kong’s jobless rate rose to a nine-year high. The Philippines became the first country to shut its markets in response to the widening coronavirus outbreak and some regulators in Europe banned short selling. US equity futures and European stocks reversed gains.
Key developments:
- Thailand confirms school closure, Songkran delay; reports 30 new cases
- Cases hit 179,766 worldwide, as deaths exceed 7,000
- Goldman now sees China’s economy slumping 9% in 1Q
- Hong Kong will issue red travel alert, extend quarantine measures; jobless rate at 9-year high
- Philippines becomes first country to shut financial markets
- First vaccine candidate starts human testing
Updates (latest first):
Swiss estimate 2,650 test positive
Swiss health authorities estimated around 2,650 people had tested positive for the new coronavirus and said 19 people had died, predicting that the number of cases will escalate as the epidemic runs its course.
Daniel Koch, the head of the communicable diseases department at the Federal Office of Health, urged residents to observe strict measures ordered by Bern including bans on events and gatherings, calling these critical in helping limit the damage.
Philippines confirms 2 more deaths
The Philippines reported two more coronavirus deaths, bringing the total to 14, after the country's main island was placed on strict quarantine.
The two victims were both elderly, the health ministry said. It earlier reported an increase of 45 in total cases to 187.
Vietnam to quarantine visitors
Vietnam will stop issuing new visas for foreign nationals, state media said, and the government said it would quarantine visitors from countries including the US.
Weeks after declaring the recovery of all 16 of its coronavirus sufferers, Vietnam has confirmed 61 infections, but no deaths, after authorities announced a surge in infections from overseas.
In a statement published late on Tuesday, Vietnam's government said it would introduce mandatory quarantine for visitors from the US, Europe and Asean countries.
Hanoi has denied entry to visitors from Europe's Schengen visa-free area and Britain from Sunday, and ordered mandatory quarantine and testing for all arrivals from virus-hit areas.
Tokyo Olympic torch relay being modified
The Tokyo 2020 Olympic organisers are asking people who feel ill not to watch the torch relay from roadsides, part of ongoing efforts in Japan to limit large gatherings and contain the spread of coronavirus. The relay kickoff in Fukushima will take place without fans, and local governments are cancelling their welcoming ceremonies, organising committee Chief Executive Officer Toshiro Muto said in Tokyo.
Iran urges EU to bypass US sanctions
Iran urged European nations on Tuesday to bypass US sanctions on its imports of pharmaceuticals as the Islamic Republic continues to remain the hardest hit country by the coronavirus outbreak in the Middle East with 853 fatalities in nearly 15,000 confirmed cases.
France, Italy, Spain ban short selling
France’s AMF halted short selling in 92 stocks, while Italy’s Consob blocked the transactions in shares of 20 companies and Belgium’s FSMA imposed a similar restriction. Spain went further, telling market participants late Monday they couldn’t bet on share declines for a month. Madrid, as well as Italy, had already ordered a one-day ban on short selling in the March 13 sessions.
Philippines exchange to reopen this week
The Philippine stock exchange chief said he plans to reopen the $188 billion market on Thursday, seeking a quick resumption of trading after the country became the first to shut financial markets in response to the widening coronavirus pandemic.
The move to halt trading came amid mounting speculation that other countries may take similar measures as stocks around the world plunge on fears of a global recession. The Philippine closure of equity, currency and bond markets took effect on Tuesday, following President Rodrigo Duterte’s decision on Monday to widen a month-long lockdown of the capital region to cover the country’s main Luzon island, home to at least 57 million people. The country has 187 cases.
China mulls adding flu drug to treatment regimen
The State Council’s coronavirus research team suggests including flu drug Favipiravir to the treatment regimen as soon as possible, an official at the Ministry of Science and Technology said. China’s coronavirus vaccine research teams are likely to finish preparations for clinical tests in April. Shenzhen-listed Zhejiang Hisun Pharmaceutical received government approval to mass produce Favipiravir in February.
Europe weighs using bailout fund bazooka
The euro area’s gigantic bailout fund is exploring how it can use its reserves to cushion the impact of a virus-induced recession, in a move that could help reassure markets after a spike in borrowing costs for the region’s most vulnerable economies. Klaus Regling, the head of the European Stability Mechanism, said it has an unused lending capacity of 410 billion euros ($458 billion).
The potential use of the ESM comes as public finances face increasing strain from cash injections to struggling companies and additional spending to support battered healthcare systems. EU governments have already announced fiscal measures of about 1% of output, on average, for 2020, to support their economies, and committed to provide liquidity facilities of at least 10% of the bloc’s GDP to help struggling companies, according to finance ministers.
Germany has almost 7,000 cases
The number of cases in Germany rose to 6,981, according to data compiled by Bloomberg using the numbers from each of the 16 regional states. With 12 deaths so far, Germany continues to have a much lower fatality rate than other European states.
Germany’s government on Tuesday said it will spend 50 million euros to bring back all citizens stranded abroad. Germans who are currently staying in those countries most affected by the coronavirus outbreak will be brought home first, Foreign Minister Heiko Maas said. These countries include Morocco, the Dominican Republic, Egypt, the Maldives and the Philippines.
Trump’s ‘Chinese virus’ tweet adds fuel to fire with Beijing
US President Donald Trump for the first time on his Twitter feed used the phrase “Chinese Virus”, stepping up friction between the world’s two biggest economies as each tries to deflect blame for a deadly pandemic.
With the coronavirus spreading from China into the US and around the world, both nations are trading tit-for-tat claims about its origins. The tense back-and-forth over what to call the virus is the latest chapter in a broader clash between the world’s two largest economies that ranges from trade and military competition to network equipment made by Huawei Technologies Co.
Israel prepares for zero growth this year
The coronavirus outbreak will force Israel’s economy to a standstill this year with zero growth, down from a 3% forecast, according to the latest assessment from Finance Ministry Chief Economist Shira Greenberg. Finance Ministry officials are even preparing for possible negative growth this year.
Thailand confirms plan to shut schools, delay holidays
Schools and universities will be closed for two weeks from Wednesday, Prime Minister Prayut Chan-o-cha said. Sports stadiums will be temporarily shut, as will pubs, he said. Restaurants and department stores can stay open but have to upgrade screening efforts, such as temperature checks, as well as cleaning. The traditional New Year holiday will be postponed from April to later in the year.
Taiwan has 10 new cases, boosts travel alert to highest
All newly confirmed cases are imported, bringing the total to 77. Taiwan said it will place 19 Asian countries, Moldova and 3 US states on a Level 3 travel alert from March 19, warning against all non-essential travel.
Even tycoons able to pay $150,000 for jets are stranded
Private jet operators are turning away wealthy clients as coronavirus-related travel bans restrict their ability to operate, despite a surge in requests from people willing to shell out as much as $150,000 to secure a spot on their planes.
Inquiries for international flights on private jets have shot up ninefold, said Kanika Tekriwal, founder of New Delhi-based JetSetGo, as individuals with vast financial means try to escape virus hot spots.
Airbus to pause production in France, Spain for four days
Airbus SE is temporarily pausing its production and assembly activities at its French and Spanish sites across the company following the implementation of new measures in France and Spain to contain the pandemic, according to a statement. The halt will allow the implementation of stringent health and safety, hygiene and self distancing conditions, it said.
Russia bans entry to most foreigners
Russia will shut its border to foreigners from March 18 to May 1, according to a government statement late Monday. The rule won’t apply to diplomats, transit passengers, transport crews and some other categories.
UEFA might postpone Euro 2020 soccer tournament
UEFA is considering postponing the Euro 2020 soccer tournament to next year, Swiss newspaper Blick reported. The organization, which regulates European soccer, is meeting representatives of its 55 member associations today via video conference to discuss European football’s response to the outbreak. The tournament is scheduled to kick off in Rome on June 12. L’Equipe newspaper had initially reported the possibility, without saying how it obtained the information.
AMC to close all US locations for 6 to 12 Weeks
AMC Entertainment said it will close its US locations from March 17 for at least 6 to 12 weeks in an effort to curb the virus from spreading. The move follows government directives to close movie theatres, bars and restaurants.
Macau to bar non-residents outside China from entering
The city will bar non-residents -- excluding those from mainland China, Hong Kong and Taiwan, and foreign workers -- from entering starting March 18, according to a statement on its government’s website.
South Korea, China, Japan officials discuss virus
Officials from the three neighbouring countries held a teleconference to discuss cooperation on combating the virus, according to a statement from South Korea’s foreign ministry. Kim Jung-han, director-general for Asian and Pacific Affairs at the foreign ministry, spoke to his Chinese and Japanese counterparts, it said, and they exchanged opinions on the “direction of efforts toward preventing global spread” of the illness.
Thailand reports 30 new cases
Thailand reported 30 new coronavirus cases on Tuesday, raising the total to 177, a health official said. Eleven of the new cases are connected to a crowded boxing match that saw a large number of coronavirus cases, while other cases are those that worked closely with foreigners.
Hong Kong widens anti-virus measures
The Asian financial hub will issue its second-highest travel alert and extend quarantine measures for all other countries outside Greater China as soon as Tuesday, Lam told reporters. She also said all schools in the city were unlikely to resume by April 20, after weeks of closures. If schools do start on that date, they would re-open in phases, she said, without elaborating.
Ecuador declares full state of emergency
President Lenin Moreno modified emergency measures to fight the virus. “We’re at war,” he said in a national TV address. Moreno decreed a two-week suspension of inter-provincial travel and a pm to 5am curfew starting March 17. The government will mostly shut down, he said, except health, security and public services.
Philippines shuts financial markets until further notice
The Southeast Asian nation stopped trading until further notice, with the closures taking effect Tuesday, according to the Philippine Stock Exchange and the Bankers Association of the Philippines. President Rodrigo Duterte previously widened a month-long lockdown of the Manila region to cover the country’s main Luzon island, home to at least 57 million people.
The virus has infected at least 140 people in the Philippines and killed a dozen. The pandemic comes as Philippine equities have tumbled more than 30% this year as stocks around the world plunged on fears of a global recession.
US House virus relief bill goes to Senate after delays over fixes
The US House passed technical fixes and sent the Senate its bill to alleviate some of the economic consequences of the outbreak after delays Monday that Treasury Secretary Steven Mnuchin resolved in talks with congressional leaders. The Senate will be able to take the measure up Tuesday.
Hologic coronavirus test gets FDA emergency use authorisation
Hologic Inc said US Food and Drug Administration granted Emergency Use Authorisation for its Panther Fusion SARS-CoV-2 assay, which detects the virus. The company expects to provide tens of thousands of SARS-CoV-2 tests this month as it boosts production capacity, and to produce nearly 600,000 tests per month starting in April. Each Panther Fusion system can provide results in less than three hours -- and process up to 1,150 tests in a day.
China reports 20 new imported cases
The country said it had 21 additional virus cases March 16, with 20 of them imported, according to a statement from its National Health Commission. The only locally reported case was in Hubei, the province at the epicentre of the outbreak, it said.
China has 80,881 total cases, with 143 of them imported. Its death toll rose by 13 people, for a total of 3,226 after months combating the disease.
Houston, Dallas close bars and limit restaurants
The shutdowns hitting US areas such as California and New York have spread to Texas. Both the Houston and Dallas areas ordered all bars to close and restricted dining in at restaurants.
Boeing seeks US aid and help for suppliers, airlines
Boeing Co has asked White House and Congressional officials for short-term aid for itself, suppliers and airlines as the outlook for travel worsens, according to people familiar with the matter. Meanwhile, Delta Air Lines Inc is in talks to raise up to $4 billion in new debt amid a broader dash for cash by companies hit hard by the virus.
San Francisco Bay Area nears total shutdown
Six of the biggest counties in the San Francisco Bay Area ordered people to stay home except for essential needs, marking one of the nation’s strongest local efforts yet to stem the spread of the coronavirus. The area affected includes San Francisco, Silicon Valley and eastern cities such as Berkeley and Oakland. It will start at 12.01am local time Tuesday and extend for three weeks. All businesses outside of those deemed essential will shut.
New York City likely to request military medical units
New York City is likely to request aid from military medical units and needs massive medical capacity on a scale that has never been seen before, Mayor Bill de Blasio said. New York plans to open five drive-through testing sites and is identifying space that it can convert for medical use, he said.
Canada shuts border to most foreigners
Canada plans to significantly restrict entry of non-residents into the country. The government will be denying entry to all foreigners, except for Americans, Prime Minister Justin Trudeau said. Airlines will also receive instruction to prevent all travellers with symptoms to board a plane.