Asian share markets were set for a beating on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association (SIFMA)– have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:
Pacific Investment Management Co (PIMCO), one of the world's largest investment firms, told clients on Sunday the coronavirus outbreak is likely to cause a relatively mild and short recession though tight credit markets could worsen the downturn.
Brazilian and U.S. governments signed on Sunday an agreement for development of defense projects that may give the South American country access to financing.
The words "bear market" and "recession" are being used with increasing frequency as investors try to assess how badly the coronavirus outbreak will damage global growth and to what extent it could further weigh on asset prices.
Shares of Saudi state oil company Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.
The Maldives has curbed movement on several resort islands, authorities said on Sunday, after the country reported its first two cases of coronavirus.
Airport passenger traffic in the Asia-Pacific region is expected to take a 24% hit in the first quarter from the coronavirus, leading to a $3 billion decline in airport revenue and placing pressure on growth projects, an industry group said on Monday.
Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
Financial markets have been thrown into turmoil following Saudi Arabia's response to the collapse of OPEC+ talks and concerns about the global spread of the coronavirus.
U.S. stock futures plunged 5% to hit their daily down limit and halt trading after the biggest single-day loss in oil futures in almost 30 years on Sunday exacerbated fears of a credit crunch across financial markets.
IKEA, the world's biggest furniture brand, is reopening nine of its stores in China this weekend, a company spokeswoman said.
Here is a list of international sports events hit by the outbreak of a coronavirus:
President Donald Trump praised the United States' relationship with Brazil under Brazilian President Jair Bolsonaro on Saturday, but declined to say whether he would impose steel and aluminum tariffs on the South American country.
Italy is set to impose a virtual lockdown on its wealthiest and most populous region, which includes the financial capital Milan, as part of tough new measures to try to contain the coronavirus outbreak.