April 2020
8:03 PM IST
News Headlines
If you stay indoors right now, you are fighting the battle for your country: Pujara        Lockdown challenge: Rai builds muscles to maintain shape for third Olympics        Avolon cancels order for 75 Boeing 737 MAX planes        Stocks fall on Wall Street, heading for another weekly loss        Trump recommends Americans wear face masks, but says he won't        Indonesia covers up to protect orangutans from virus threat        Bangladesh sees highest single-day jump in coronavirus cases, extends shutdown to Apr 11        EC postpones elections to 11 UP Legislative Council seats amid lockdown        Coronavirus: No community transmission in Goa, says CM        Madhya Pradesh: Two senior health officials test positive for Covid-19        COVID-19 death toll nears 100-mark; Govt says no need to panic as 30% infections linked to Tablighi centre        Kerala has been successful in containing outbreak of COVID-19, claims CM        Elderly couple cured of COVID-19, says Kerala CM        COVID-19 death toll in country rises to 62, cases to 2,547        43 more test positive for virus in Mumbai; death toll 19        COVID-19 cases in Delhi mounts to 386; two more deaths: Authorities        COVID-19: Focus shifts to rapid tests in hotspots; Govt says numbers in control sans one ''event''        Rupee slides 53 paise to settle above 76 mark amid meltdown in equities        India-returned SA players are COVID-19 negative, no symptoms in those not tested        No alternative to constant testing to combat COVID-19: Sonia        
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Stocks, oil plunge as Trump travel ban fans recession fears
London, Mar 12 (AFP) Stock markets tumbled across the globe and oil prices slumped Thursday after President Donald Trump banned all travel from mainland Europe to the United States for a month to fight the coronavirus pandemic, ramping up fears of worldwide recession.

With the market panic having already wiped away more than USD 11 trillion in global value, the head of the World Health Organisation said the COVID-19 outbreak "is a controllable pandemic" if countries stepped up measures to tackle it.

"We are deeply concerned that some countries are not approaching this threat with the level of political commitment needed to control it," WHO director-general Tedros Adhanom Ghebreyesus told diplomats in Geneva, according to a statement.

Following an overnight slump, Sydney tumbled 7.4 percent Thursday to suffer its worst session since the 2008 global financial crisis.

Tokyo closed down 4.4 percent, putting it in a bear market after slumping more than 20 percent from a recent high.

Hong Kong shed 3.7 percent, though Shanghai was off 1.5 percent as China continues to see infection rates slow.

Manila crashed nearly 10 percent -- sparking a brief trading halt -- after it emerged Philippines President Rodrigo Duterte would undergo a precautionary test for the virus.

In the Gulf, Saudi dumped 3.0 percent in value, Dubai tumbled 8.0 percent and Qatar shed 4.5 percent.

"Taking the view that the president's travel ban has only further heightened the likelihood of a global recession... investors fled," said Connor Campbell, market analyst at Spreadex trading group.

The carnage on stock markets spread to Europe, with losses accelerating in Paris and Frankfurt, which both fell more than 10 percent after the ECB unveiled a series of measures to shore up the eurozone economy, but it did not lower interest rates like central banks elsewhere.

The European Central Bank ramped up its super-cheap bank lending programme, vowing to "support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises", as well as spend an additional 120 billion euros ( 135 billion euros) this year buying up government and corporate bonds.

On Wall Street, the stocks resumed their slide lower. The Dow tumbled 7.4 percent in the first minute of trading, having fallen 5.9 percent on Wednesday.

"The crux of the matter ... is that all of the efforts being made to curtail the spread of the coronavirus are going to produce negative economic outcomes that will weigh far and wide on earnings prospects since they are also curtailing consumer and business spending," said market analyst Patrick J. O'Hare at Briefing.com - Massive negative signal.

"Travel restrictions equal slower global economic activity, so if you need any more coaxing to sell... after a massively negative signal from trading in US markets it just fell in your lap," said AxiCorp's Stephen Innes.

The coronavirus outbreak has left virtually no sector untouched, though travel and tourism have been particularly hard-hit as countries institute travel bans and quarantine requirements, with Italy in a country-wide lockdown.

The coronavirus market crash has wiped off 11.3 trillion from global valuations as of the end of Wednesday, according to Howard

Silverblatt, a senior analyst at S&P Dow Jones Indices.

The number of coronavirus cases across the globe has risen to more than 126,000 with 4,600 deaths, according to Johns Hopkins University.

Elsewhere Thursday, oil prices were hammered, with benchmark Brent North Sea crude losing more than seven percent, as the travel restrictions will further dampen energy demand.

"We are now staring at the whole world going into a lockdown," Vandana Hari, of Vanda Insights, said. "Oil demand can be expected to crash through the floor and all previous projections on oil consumption are now out the door." The oil market was already under pressure after Saudi Arabia and Gulf partner UAE stepped up a price war on Wednesday by unveiling plans to flood global markets.

The Saudi move was the latest escalation of a fight among oil producers after Russia balked at an OPEC-backed plan to cut production in response to lost demand because of the coronavirus.

New York - Dow: DOWN 7.4 percent at 21,808.12 points London - FTSE 100: DOWN 8.1 percent at 5,402.12 Frankfurt - DAX 30: DOWN 8.6 percent at 9,543.60 Paris - CAC 40: DOWN 9.1 percent at 4,190.93 EURO STOXX 50: DOWN 8.8 percent at 2,649.64 Tokyo - Nikkei 225: DOWN 4.4 percent at 18,559.63 (close) Hong Kong - Hang Seng: DOWN 3.7 percent at 24,309.07 (close) Shanghai - Composite: DOWN 1.5 percent at 2,923.49 (close) Brent North Sea crude: DOWN 7.0 percent at 33.30 per barrel West Texas Intermediate: DOWN 7.2 percent at 30.62 per barrel Dollar/yen: DOWN at 104.40 yen from 104.54 yen at 2100 GMT Euro/dollar: DOWN at 1.1229 from 1.1276 Pound/dollar: DOWN at 1.2657 from 1.2825 Euro/pound: DOWN at 88.70 pence from 87.91 pence.

Kerala has been successful in containing outbreak of COVID-19, claims CM
Elderly couple cured of COVID-19, says Kerala CM
32 new cases in Kerala, Elderly couple cured of virus
Covid-19: Punishment by police in Kannur for violating lockdown turns into row
Funeral of COVID-19 victim held as per WHO protocol
COVID-19: Kerala CM expresses concern over blocking roads in Karnataka border
COVID-19: Positive cases rise to 164 in Kerala, 1,10,299 people under surveillance, says CM
COVID-19: Kerala CM announces formation of Community Volunteer Force
Kerala govt to keep beverage outlets open, bars shut
Five foreigners test positive for coronavirus in Kerala
TN shuts land border with neighbouring States Andhra Pradesh, Karnataka and Kerala
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COVID-19 : Nine kept under observation in isolation wards, 942 persons kept home quarantine
Ayyappa temple opens for ''Meenamasa'' Pooja
Three-year-old child tests positive for coronavirus in Kerala, number of cases rises to 6
Kerala CM seeks MEA help to bring back stranded Indian
2 lakh houses ready for the homeless, says Kerala CM
Kerala school''s apathy denies 29 students chance to write Class 10 exam
NIA, Military Intelligence, ATS conduct probe into abandoned bullets
Two forest dept officials killed in wildfire
My whole life has been a miracle: Rajinikanth
 Mumbai: From starting out as a bus conductor to becoming one of the biggest stars of the: country,  
'Game of Thrones' star Indira Varma tests positive for coronavirus
Coronavirus: Release of Ranveer Singh-starrer '83' put on hold
'Joker' earns Joaquin Phoenix his maiden Oscar
Trump recommends Americans wear face masks, but says he won't
 Washington, Apr 4 (PTI) President Donald Trump has recommended Americans to cover their faces with s
Indonesia covers up to protect orangutans from virus threat
Bangladesh sees highest single-day jump in coronavirus cases, extends shutdown to Apr 11
US wages all-out war to defeat "horrible" coronavirus: says Trump, as death toll crosses 5,000
EC postpones elections to 11 UP Legislative Council seats amid lockdown
 Lucknow, Apr 4 (PTI) The Election Commission has postponed the elections to 11 Uttar Pradesh Legisla
Coronavirus: No community transmission in Goa, says CM
Madhya Pradesh: Two senior health officials test positive for Covid-19
43 more test positive for virus in Mumbai; death toll 19
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