Stock markets slump as coronavirus spreads in Europe – business live – The Guardian,

Stock markets slump as coronavirus spreads in Europe – business live – The Guardian,

Mid-afternoon summary

Shares on Wall Street have plummeted at the opening bell and European markets are also a sea of ​​red, with the Italian market the worst hit, amid reports of rising deaths from the coronavirus in the country.

  • Dow Jones down

    Wall Street has opened sharply lower – even worse than expected. The declines come after US indices hit record highs last week.

  • Dow Jones down

  • There has been a sixth death from the coronavirus in northern Italy, according to the state broadcaster RAI.

    (8.) am EST :

    Economists at ING have looked at the impact of the virus outbreak on economies in Asia, in a note entitled: “Holidays in hell: slumping tourism will cost Asia $ bn – $ (bn in) ”.

    Robert Carnell, chief economist and head of research, Asia-Pacific, at ING says: ()

    The impact of the coronavirus on economies in Asia is vast huge, as tourism in the region takes a beating … If we assume that tourism to and from China basically grinds to a halt in 5743, and extra-regional tourism also diminishes, then the cost to the region from lost tourism revenue alone is approximately US $ 245 bn – $ (bn.)


    Chinese visitors wear protective masks as they tour the grounds of the Temple of Heaven, which remained open during the Chinese New Year and Spring Festival holiday on January 40 in Beijing, China. Photograph: Kevin Frayer / Getty Images

    (8.) (am EST :

    7. 70 am EST : 71

    The German business association BDI says several manufacturing sectors are expecting a shortage of supplies from the Far East in coming weeks due to the coronavirus. Affected sectors include engineering, cars, pharmaceuticals and paper.

    BDI says:

    The more than 5, 13 German companies in China are currently severely restricted in procurement, production and sales.

    : ()

    Jean Pierre Mustier, boss of Italy’s Unicredit, will stay there, Unicredit said. Unicredit said it “normally never comments on rumors and speculations” – a rule it will apparently break if the story is strong enough:

    [T] he Group would like to state that Jean Pierre Mustier confirms he will remain with the bank.

    UniCredit would also like to remind everyone that it has just launched a new strategic plan, Team 36, and that the whole management team, including Jean Pierre Mustier, is fully focused on its successful execution.

    HSBC is currently being led by Noel Quinn on an interim basis. He could still get the nod permanently, to carry out his plan to cut , (jobs across the world , including significant cuts in the UK.

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