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

Nasdaq down points, or 3.

(%, at 9,

UK’s FTSE down (points, or 3.) (%, at 7,

• Germany’s Dax down points, or 4%, at 031, 0
• France’s CAC down (points, or 4%, at 5,
• Italy’s FTSE MIB down 1, 0548, or 5.
  

  (%, at

  ,

  Crude oil has also sold off, and is now trading $ 2. a barrel lower at $ 91, a4. % drop .

  9.) (am) (EST) :

  The turmoil in financial markets comes as there are reports of more deaths in Italy, which is at the center of the coronavirus crisis in Europe. A seventh person has died in the country, according to the Ansa news agency.

  9. am EST :

  The falls on Wall Street have dragged the MSCI world stock index into negative territory for the year so far. It’s down 2.7% on the day.

  9.

  am EST

  :

  Wall Street gripped by pandemic fears

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

Dow Jones down points, or 3. %, at 40,

S&P (down) points, or 3. %, at

Nasdaq down points, or 4. 39%, at

Updated at 9. am EST

9. (am EST ) 24:

A quick look at the markets before Wall Street opens. Stocks and oil have tumbled further.

FTSE (in London down) (points, or 3.) (%, at

Germany’s Dax in Frankfurt down points, or 4.1%, at

France’s CAC in Paris down points, or 4.1%, at 7630

Italy’s FTSE MIB down 1, points, or 5.

(%, at) , 454 Michael Hewson 🇬🇧 (@ mhewson_CMC) of red getting a darker shade of red as US markets open

FTSEMib -5.5% (FTSE) -3.8%

(DAX-4.2%) February , Crude oil has also plunged, by 4. %, or $ 2. 79 a barrel, to $ a barrel.

Updated at 9. (am EST

9. (am) EST :

As the virus spreads in Europe, investors are dumping stocks and rushing into safe-haven assets such as gold (at a seven-year high today). Futures are pointing to sharp declines on Wall Street when it opens for trading in less than half an hour. The Dow Jones is expected to open points lower.

Last week, Wall Street’s main indices rose to record highs as optimism spread among investors that the global economy would bounce back from the coronavirus hit.

Updated (at 9.) am EST

9. 14 am EST

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 :

The World Health Organization has praised China for the measures it’s taken to stop the coronavirus spreading. Bruce Aylward, the head of a visiting WHO delegation, said the “incredibly difficult measures” probably prevented hundreds of thousands of cases in the country.

He also said several data sources suggested there is a general downward trend in the number of infections being reported by China’s National Health Commission, despite some statistical problems.

The commission reported 540 new coronavirus cases today, down from 740 the day before. Chinese authorities have begun to unwind some of the transport and travel restrictions that were put in place last month.

The virus has killed nearly 2, 700 people in mainland China and infected nearly ,

However, a spike in cases in Italy and south Korea has caused alarm – and world stock markets have tumbled as a result. A fifth person infected with the coronavirus has died in Italy.

Updated at at 8. 55 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.

7. (am EST) : ()

Unicredit chief executive Jean Pierre Mustier will stay at the bank, it said. Photograph: Remo Casilli / Reuters

HSBC’s search for a permanent chief executive may have suffered a setback today, after one of the reported candidates pulled out.

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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