Global markets suffered record falls on Thursday as alarm over the coronavirus intensified. The governments from Ireland to Fiji unveiled new measures to try to slow the spread of disease. It has infected more than 127,000 people worldwide.
President Donald Trump imposed sweeping restrictions on travel from the continent as travelers in Europe rushed to board flights to the U.S.
Meanwhile, in Europe, North America, and Australia canceled or suspended events such as sports matches and weddings. In addition, schools and public gatherings closed due to the coronavirus outbreak.
“The 2020 Olympics in Tokyo could be delayed by a year”, Trump suggested.
According to Reuters, officials said the coronavirus outbreak had peaked. The global spread could be over by June.
If other nations applied similarly aggressive containment measures as Beijing’s communist government, so those nations could lock down a province with a population the size of Italy’s.
Fears of the impact of such restrictions on the movement of people and goods hit global stocks and oil prices hard.
Following the oil price plunge, major European bourses fell by double-digit percentages for their biggest daily losses on record, led by a 17% slide in Italian stocks.FTMIB.
Stimulus efforts from the European Central Bank did little to calm nerves. [.EU]
On Wall Street stocks slumped around 10% .DJI .SPX on their worst day since the 1987 “Black Monday” crash. [.N]
The Coronavirus Outbreak
The global coronavirus outbreak has disrupted industry, travel, entertainment, and sports worldwide, and prompted airlines to appeal for urgent aid from their governments.
But its progress in the epicenter of China’s Hubei province has slowed markedly amid strict curbs on movement, including the lockdown of provincial capital Wuhan.
“The peak of the epidemic has passed for China,” said Mi Feng, a spokesman for the National Health Commission.
The coronavirus has infected more than 127,000 people around the world. The vast majority in China and killed 4,700, according to a Reuters tally.
