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Italy has shut down all its ports and airports, disrupting financial markets and showing how the coronavirus has affected social and economic aspects globally.
Major European stock markets plunged over 7%, Japanese indexes slipped 5%, and US markets lost more than 7% after Saudi Arabia started an oil price war with Russia, causing investors to back out of trading in a market already harmed by the epidemic.
The Italian government has moved to drastic measures in an attempt to contain the virus: instructing citizens not to travel across the country unless it was for emergency or for work. The government has also canceled sporting events and public gatherings.
In Milan’s Lombardy region, number of deaths spiked 25% in one day, at 333, while national death toll rose 97, at 463, making Italy the highest number of deaths outside China.
The total confirmed cases globally reached 113,000, with 9,000 infections recorded in Italy. The global death toll had amounted to 4,000, mostly from mainland China, as of Tuesday.
World Health Organization Director-General Tedros Adhanom Ghebreyesus expressed that as the virus had affected more than 100 countries, the threat of pandemic is becoming more imminent.
Tedros said that there was no problem with Italy’s drastic measures, and noted that 93% of cases globally was tallied in four countries—China, Italy, Iran, and South Korea.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
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