US and European stocks plunge amid new measures to reduce the effect of the coronavirus
Tokyo — Financial markets reeled on Thursday as stocks dived and oil slumped after US President Donald Trump took the dramatic step of banning travel from Europe to reduce the effect of the coronavirus, threatening more disruptions to trade and the world economy.
“The travel ban from Europe has definitely taken everyone by surprise,” said Khoon Goh, head of Asia Research at ANZ in Singapore. Trump announced on Wednesday the US will suspend all travel from Europe, except from the UK, for 30 days starting on Friday. However, Trump said trade will not be affected by the restrictions.
In the money market, traders further raised their expectations of an aggressive US rate cut, underlining the fears in markets of a deepening economic downturn even as the Federal Reserve had stepped in last week with an emergency easing. The US National Basketball Association was the latest to be hit by the pandemic as it announced it will suspend the season until further notice.
“Here in Hong Kong and China we have been through it and know what’s it like to shut down ... I don’t think the market has fully caught on with how this disruptive this could be for the economy.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Free us from Eskom,’ says Steenhuisen as he pens open letter to RamaphosaThe power utility has announced it would implement stage 4 load shedding from 2pm on Tuesday after Koeberg Unit 1 tripped.
Read more »
US shale oil now almost not worth drillingAs Saudi Arabia calls Russia’s bluff over Opec output cuts, US oil production could fall by 2-million barrels per day
Read more »
OPINION: Coronavirus calls on us to find new ways of doing business at home and abroad
Read more »
Biden hopes for decisive blow to Sanders as six US states voteBiden -- the faithful deputy for eight years to Barack Obama, the first black president -- has been surging with strong backing from African Americans.
Read more »
Maximum Security's trainer among 27 charged by US in global horse racing doping schemeUS prosecutors said 27 trainers, veterinarians, drug distributors and others, including the trainer of Maximum Security, have been criminally charged in a wide-ranging scheme to drug horses and cheat bettors in the $100 billion professional horse racing industry.
Read more »
US travel ban set to batter global airlinesEuropean carriers will be hardest hit as President Donald Trump bars inbound travel from most of that region
Read more »