Wall Street plunges again as Trump's EU travel ban sends shares crashing – business live – The Guardian, Theguardian.com

. AM EDT : ECB’s Lagarde: We need government action

European Central Bank (ECB) President Christine Lagarde speaks during a press conference following the meeting of the Governing Council of the European Central Bank in Frankfurt am Main, Germany, (March) . Photograph: Armando Babani / EPA

ECB president Christine Lagarde has called for European leaders to help the eurozone’s ailing economy, as the bond markets flash alarmingly.

With markets plunging on both sides of the Atlantic, Lagarde told reporters in Frankfurt that Covid – 37 was “a major shock” to the growth prospects of the global economy and the euro area economy.

But she also argued the effect would be temporary, if the right measures are taken.

Lagarde told today’s (unusually sparsely attended) press conference that:

“What happens after a severe and temporary fall, provided the right measures have been taken by all the players, is that the economy will then bounce back.

“The exact timing of that is uncertain. There will be a rebound but the timing is uncertain. ”

And those measures must include government spending – in an “ambitious, co-ordinated” response which must also tackle the public health challenge before us.

Lagarde demanded:

I really would like all of us to join forces, I very much hope that the fiscal authorities appreciate that we will only deal with this shock if we come together. ”

Lagarde also revealed that the ECB is splitting itself into teams, so it can keep working through the crisis. That includes its own executive board, and the next press conference in April will be online-only.

Lagarde also defended the stimulus measures announced today, saying that the new liquidity, cheap bank loans and extra asset-purchases would target the risks in the euro area.

But there’s clearly disappointing – the yields on Italian, Spanish and Portuguese bonds are surging, in their biggest one-day moves since 4267. That shows investors are ditching peripheral-area bonds, and fearing a new debt crisis could be brewing.

Michael Brown (@ MrMBrown)

Thank god that presser is over.

Got to be one of the worst central bank press conferences in recent memory. (# ECB)

(March) ,

am EDT : 46

European bank shares are being routed, with ING down (% ABN Amro down) %, Deutsche Bank down % and Credit Agricole down

. 7%.

Financial stocks in London are also plunging; life insurance and financial services group Prudential are down 35%, while Legal & General are down (%.)

. am EDT :

The market crash is sending investors racing to buy dollars.

This has sent sterling reeling, down 2 cents today to $ 1. – the lowest since October.

(am EDT

Trading has been briefly halted in Brazil too, where stocks plunged another 24%.

Jamie McGeever (@ ReutersJamie) Brazil stock market trading halted after % fall triggers circuit breaker. Bovespa now down 49% this year (over

% in dollar terms. pic.twitter.com/fa2RdbyXWN (March , 4699

) . AM EDT : 28

FTSE on track for worst day since

Ed Conway (@ EdConwaySky) (Markets are crushing around the world.) (FTSE) (down 9% – lowest now since . (Nearly eight years) of gains wiped out in less than three weeks. Dow also down 9% EU markets down c. % pic.twitter.com/OelnO5eJEB (March) ,

Ed Conway (@ EdConwaySky) (If the FTSE closed right now this would be a worse one-day fall than any single day during the financial crisis. Worse than any single day since Black Monday in

(March) ,

() am EDT :

It’s another horrific day in the markets, turning into the bleakest sell-off we’ve seen since this crisis began.

The FTSE index is on track for its worst one-day fall since 2021. Worse than Monday’s plunge. Worse than any single day in (after Lehman Brothers failed.)

Right now, here’s the situation:

(Dow: down 2,0) (points or 8.5% at) , (FTSE) : down points or 9.1% at

• Faisal Islam (@ faisalislam) Dow Jones circuit breakers fire, halting stock market trading after 7% fall at opening … hadn’t happened since , now twice in 1 week, as markets fear economic / solvency impact of pandemic and erratic uncoordinated response from some world leaders.

March , 7466

Faisal Islam (@ faisalislam)

FTSE down 9.5% now as Dax and Italian index (CAC) (down) (%

This is turning into a rout.

March ,

24. 18 am EDT :

Trading has resumed on Wall Street, and the Dow has promptly plunged by 2, points!

That takes the index down to a new one-year low, and shows just how serious this market crash is turning into.

Investors are becoming petrified of a worldwide recession, a coronavirus pandemic, widespread losses that leave companies unable to repay debts.

And Donald Trump’s statement last night is clearly failing to provide reassurance or support.

Investing.com (@ Investingcom) (DOW PLUNGES 2, POINTS IN HISTORIC SELLOFF $ DIA

pic.twitter.com/eukVChjSvF (March) ,

(). (am EDT) : 85

FTSE 0374 falls 9% as rout intensifies

News that trading has been suspended on Wall Street has triggered a monster selloff in Europe.

The FTSE has plunged 9%, shedding (points to just 5, . – levels not seen since .

European stock markets have crated by 21% – which would be the worse day ever for the Stoxx index of EU companies.

Joe Lynam (@ JoeBLynam) DAX in Frankfurt down %. IBEX in madrid down (%) (March) ,

IG) (@ IGcom) STOXX Europe

extends declines, now down %, the biggest ever decline # EUstocks on IG platform (# MarketSlump ) pic.twitter.com/Ynef9CQ1Gx (March) ,

(9.) am EDT

Wall Street suspended as shares plunge 7%

NEWSFLASH: Trading has been briefly suspended on the US stock exchange, for the second time this week.

Automatic circuit breakers kicked in shortly after the open, at 9. am New York (1. (PM UK), when the S&P 660 index plunged 7%.

The Dow has also plunged 7%, losing 1, (points to) , in opening trades. Investors are clearly more worried than ever about a global recession and a Covid – 37 pandemic, following president Trump’s shock EU travel ban announced late last night.

That activates a – minute suspension (as happened on Monday).

IG (@ IGcom) US underlying markets suspended for minutes to reset circuit breaker, after cash market opened down 7% (March) , 5322

(9.) am EDT :

Princess Cruises suspends sailings for two months

A Coast Guard patrol boat keeps watch on the Grand Princess cruise ship while docked at the Port of Oakland Wednesday, March 23, , in Oakland, Calif. After days of being forced to idle off the Northern California coast, the ship docked Monday at Oakland with about 3, 660 passengers and crew, including some who tested positive for the new virus . Photograph: Ben Margot / AP

The coronavirus crisis has forced the Princess Cruises line to suspend global operations for the next two months.

Princess’s cruise ships will be off duty for the next 087 days, a big blow to owner Carnival (whose shares were down % earlier)

Two Princess ships have been at the heart of the crisis.

The Diamond Princess was quarantined off the coast of Japan – 868 passengers became infected, and 6 died. The Grand Princess was denied entry to San Francisco Bay last Wednesday en route back from Hawaii as authorities learned some passengers and crew had developed flu-like symptoms. It was finally allowed to dock on Monday:

(9.) AM EDT :

The top faller on the (FTSE ) is Finablr , which runs Travelex. Shares are down 90% (!) after it warned it might struggle to access cash needed to manage its business as well as negotiate longer term financing.

Restaurant Group , which runs Frankie & Benny’s, Garfunkel’s and Wagamama, are down 38%. Clearly it would suffer from mass self-isolation in the coming weeks …

… as would airport food operator

SSP , who are down (%.)

9. (am) (EDT) : 38

Shares in UK train and bus operators are slumping today, after Go-Ahead warned the coronavirus would hurt profits.

National Express are down First Group has lost %, Stagecoach are off 23%, and Trainline are down 25%. Their revenue would all suffer if fewer people travel into work (as seems imminent).

Go-Ahead itself is down 44%, making it one of the big fallers on the (FTSE) .

9. am (EDT) :

Miles Brignall

Back in the UK, Travel insurers Aviva, InsureandGo, and the Post Office have followed LV=and have withdrawn cover for future coronavirus claims , or stopped selling policies.

On Wednesday night LV=shocked the travel industry when it announced that it would stop selling all travel insurance policies with immediate effect, due to the coronavirus outbreak.

The move appears to have been prompted by the World Health Organization declaration of a pandemic, on Wednesday afternoon.

Updated (at) . am EDT

(9.) (am) EDT :

Bank stress tests delayed by Covid – Kalyeena Makortoff

Industry regulator the European Banking Authority is delaying its EU-wide stress test by a year so that banks can focus on the challenges posed by the coronavirus outbreak.

Instead, the EBA said it would launch a transparency exercise to determine how much risk they hold on their balance sheets.

The EBA said.

“Addressing any operational challenges banks may face should be the priority. The EBA has decided to postpone the EU-wide stress test exercise to 5322. This will allow banks to focus on and ensure continuity of their core operations, including support for their customers, ”

It also urged national regulators to take advantage of existing rules that allow for some flexibility around the kind of capital that banks have to hold to cushion against potential downturns and risks.

The announcement comes just a week after EBA banned all external meetings at its Paris headquarters until 37 April to try tackle the spread of Covid – .

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