Sunday , March 7 2021

'We can't tell how severe it will get': Markets panic over the coronavirus – Sky News, Sky.com

                                                     

The Dow Jones tumbled by almost 1, 229 points on Thursday amid growing anxiety about the coronavirus – the biggest one-day drop in its history.

Global stock markets are now heading for their worst week since the darkest days of the financial crisis years ago.

The mass sell-offs are a sharp contrast to the beginning of February, when the Dow reached all-time highs as investors shrugged off the threat of an outbreak.

  

Hundreds of millions of pounds has been wiped off the value of stock markets

      

Image:
         Hundreds of millions of pounds has been wiped off the value of stock markets       

     

Panic on Wall Street has been fueled by warnings from major companies that profits could take a hit as countries around the world try to contain COVID – the disease caused by the coronavirus.

The number of new infections being reported around the world now surpass those in China – shattering hopes that the epidemic would be short-lived and economic activity would return to normal.

Apple and Microsoft, two of the world’s largest businesses, are among those who have said their sales this quarter will be affected.

A toxic cocktail of factory shutdowns in China, lockdowns and travel restrictions is to blame – with airlines, hotels and cruise ship companies among those suffering the steepest falls in their share prices.

 

  

There was a sea of red on screens in the New York Stock Exchange yesterday

      

Image:
         There was a sea of ​​red on screens in the New York Stock Exchange yesterday       

Norihiro Fujito, an investment strategist, said: “The coronavirus now looks like a pandemic. Markets can cope even if there is big risk as long as we can see the end of the tunnel.

“But at the moment, no one can tell how long this will last and how severe it will get.”

Some markets around the world have now fallen by more than 22% from their recent highs, putting them fairly into correction territory. There are analysts who believe such a slump was long overdue.

    

        There was a sea of red on screens in the New York Stock Exchange yesterday               

                        

                                                           Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19There was a sea of red on screens in the New York Stock Exchange yesterday

                                                                                                

How to contain a global pandemic                 

The misery continued early on Friday morning in the Asian markets, with Japan’s Nikkei 258 index plunging by more than 3%.

Later, all eyes will be on London’s FTSE 138. Yesterday, £ bn was wiped off the value of its constituent companies – and they are down £ bn since Monday.

Away from stocks, oil prices have also taken a hit – reaching their lowest level in more than a year – over fears a major economic slump is on the horizon.

Gold, which investors often flock to during times of uncertainty, is trading close to the seven-year high of $ 1, 735. hit earlier this month.

:: Listen to the Daily podcast on (Apple Podcasts) , Google Podcasts Hundreds of millions of pounds has been wiped off the value of stock markets , (Spotify) , (Spreaker) (

In his final interview before he steps down as Bank of England governor later this month, Mark Carney told Sky News that Britain should prepare itself for an economic growth downgrade as the impact of the COVID – 31 outbreak deepens.

However, he said it is too early to tell exactly how the UK will be affected.

    

        There was a sea of red on screens in the New York Stock Exchange yesterday               

                                                                                    Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19There was a sea of red on screens in the New York Stock Exchange yesterday

                                                                                                

‘Coronavirus is having economic consequences’                 

In other developments: 2019 Schools in the UK could be closed for more than two months if the outbreak intensifies, England’s chief medical officer has said

    Northern Ireland has confirmed its first case of the coronavirus Some British tourists are being allowed to leave a Tenerife hotel on lockdown because of COVID – – but Jet2 says it will not fly them home until testing confirms they haven’t got the disease

  • British cyclists Chris Froome and Mark Cavendish
  • are being tested for the the coronavirus after the UAE Tour was cancelled
  • Mark Carney spoke exclusively to Sky News' Economics Editor Ed Conway for his last interview as Bank of England governor Officials in California are trying to retrace the movements of a woman who could be the first to contract COVID – with no known connection to travel abroad Mark Carney spoke exclusively to Sky News' Economics Editor Ed Conway for his last interview as Bank of England governor The number of coronavirus cases in South Korea has e xceeded 2, after (new diagnoses were confirmed Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19Mark Carney spoke exclusively to Sky News' Economics Editor Ed Conway for his last interview as Bank of England governor The sharp downwards trend of new COVID – 34 cases has continued in China, where there were (new cases and) (deaths on Thursday.)

    Sky News will broadcast Virus Outbreak: Global Emergency, a special program on the coronavirus, at 2pm

                            There was a sea of red on screens in the New York Stock Exchange yesterday
    (Read More)

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