US travel ban roils global financial markets

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US travel ban roils global financial markets
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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.”

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