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Coronavirus infects more than 100,000 worldwide, wreaking financial havoc
More than 100,300 people infected globally - Reuters tally. Outbreak has killed more than 3,400 people
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This combination of pictures using handout images released on Thursday by Maxar Technologies shows pedestrians and cars in Tiananmen Square in Beijing, China, on Feb. 21, 2019 (top) and an almost empty square on Feb. 11, 2020, during the novel coronavirus outbreak. (Satellite image Maxar Technologies/AFP/File)
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wenty-one people aboard a cruise ship that was barred from docking in San Francisco have tested positive for coronavirus, US officials said on Friday, as the fast-spreading respiratory disease was reported in half a dozen new US states.
Vice President Mike Pence, who is running the US response to the outbreak, said at a news conference that 19 crew members and two passengers out of 46 people tested so far on the Grand Princess ocean liner had the virus.
The vessel, with about 3,400 passengers and crew, would be taken to a non-commercial port where everyone on board would be tested, he said.
The infections aboard the Grand Princess added to the more than 100,000 cases across the world, as the coronavirus outbreak reached more countries and economic damage intensified, with business districts starting to empty and stock markets tumbling.
President Donald Trump on Friday signed a bill to provide $8.3 billion to bolster the capacity to test for coronavirus and fund other measures in the United States. Cases have now been reported in half of the 50 US states. Fifteen people have died in the country, out of more than 250 cases.
In many affected countries, people were being asked to stay home from work, schools were closed, large gatherings and sports and music events were cancelled, stores were cleared of staples like toiletries and water, and face masks became a common sight.
The outbreak has killed more than 3,400 people and spread across more than 90 nations, with seven countries reporting their first cases on Friday.
Mainland China, where the outbreak started, has seen more than 3,000 deaths, but the epidemic is now spreading faster elsewhere.
The World Health Organization (WHO) said every country should make containing the epidemic its top priority, pointing to Iran's national action plan to combat one of the worst outbreaks after a slow start.
Iran's death toll from the virus jumped to 124, as more than 1,000 new cases were diagnosed over 24 hours.
The Vatican reported its first case, a patient in its health services, worsening the prospects of the virus having already spread further in the Italian capital, since most employees in the walled city-state live in Rome, and those who live in the Vatican frequently go in and out to the city that surrounds it.
Italy is the worst-hit European country, with a death toll as of Friday of 197.
About 3.4% of confirmed cases of COVID-19 have died, far above seasonal flu's fatality rate of under 1%, the WHO said this week.
Supply chains broken
Moves by some major economies, including the United States, to cut interest rates and pledge funds to fight the epidemic have done little to allay fears about the spread of the disease and the economic fallout. Supply chains have been crippled around the world, especially in China, the world's second largest economy, where the outbreak began.
"There's concern that while there has been a response from the Fed, given the nature of the problem, is this something the central bank can really help with?" said John Davies, G10 rates strategist at Standard Chartered Bank in London.
In New York, JPMorgan divided its team between central locations and a secondary site in New Jersey, while Goldman Sachs sent some traders to nearby secondary offices in Greenwich, Connecticut, and Jersey City.
Bank of America Corp is splitting its trading force from Monday and sending 100 New York-based staff to nearby Stamford, Connecticut, sources familiar with the matter said.
In London, Europe's financial capital, the Canary Wharf district was unusually quiet. S&P Global's large office stood empty after the company sent its 1,200 staff home, and HSBC asked around 100 people to work from home after a worker tested positive for the illness.
France's prime minister said nurseries and schools would close for 15 days from Monday in the two areas worst hit by coronavirus infections, one north of Paris and the other in the northeastern part of the country.
The South by Southwest music and tech festival in Austin, Texas, and two music festivals in Florida were cancelled over concerns about events that bring crowds of people into close proximity. The NCAA Division III men's basketball tournament was scheduled to go ahead at Johns Hopkins University in Baltimore this weekend, but without spectators.
Saudi Arabia will suspend public attendance at all sports events starting Saturday, the ministry of sports said.
The United Nations said it had canceled some meetings in Bonn, Germany, and elsewhere planned in the run-up to a crucial U.N. climate summit to be held in Scotland in November.
Market hit
Yields on US Treasuries plunged to historic lows on fears the outbreak will slam the global economy, and MSCI's gauge of stocks across the globe shed 3.10%. US stocks fell but ended well above their session lows.
Airline and travel stocks have been among the worst affected as people cancelled non-essential travel. Norwegian Air Shuttle , the hardest-hit stock among European carriers, lost more than quarter of its market value on Friday and has fallen almost 70% since the start of February.
"If this really ramps up, we could see a lot more kitchen-sinking updates from the travel industry and airlines," said Chris Beauchamp, chief market analyst at IG.
