Coronavirus crash wipes $5 trillion off world stocks

first_imgA sign reading “Please avoid shaking hands due to the current situation” is seen placed at the entrance of Swiss stock exchange operator SIX Group in Zurich, Switzerland February 27, 2020. (REUTERS/Arnd Wiegmann)Bets are now that the Federal Reserve will cut US interest rates as soon as next month and other major central banks will follow to try and nurse economies through the troubles and stave off a global recession.“Investors are trying to price in the worst case scenario and the biggest risk is what happens now in the United States and other major countries outside of Asia,” said SEI Investments Head of Asian Equities John Lau.“These are highly uncertainty times, no one really knows the answer and the markets are really panicking.” Coronavirus panic sent world share markets crashing again on Friday, compounding their worst week since the 2008 global financial crisis and bringing the wipeout in value terms to US$5 trillion.The rout showed no signs of slowing as Europe’s main markets slumped 2-3 percent early on and the ongoing dive for safety sent yields on US government bonds, seen as probably the securest asset in the world, to fresh record lows.Hopes that the epidemic that started in China would be over in months, and that economic activity would quickly return to normal have been shattered this week as the number of international cases have spiraled. The index of Shanghai and Shenzhen shares dropped 2.9 percent, on track for its first weekly loss in three.Oil prices languished at their lowest in more than a year having plunged 12 percent this week – its worst since 2016 – while all the major industrial metals have dropped between 3 percent and 6 percent.The appeal of guaranteed income sent high-grade bonds. U.S. yields plunging with the benchmark 10-year notes yield hitting a record low of 1.241 percent. It last stood at 1.247 percent.That is well below the three-month bill yield of 1.436 percent, deepening the so-called inversion of the yield curve. Historically an inverted yield curve is one of the most reliable leading indicators of a US recession.Expectations the Fed will cut interest rates to cushion the blow are rising in money markets. Analysts say Fed funds futures are now pricing in about a 75 percent chance of a 25 basis point cut at the central bank’s March 17-18 meeting.Topics : Disruptions to international travel and supply chains, school closures and cancellations of major events have all blackened the outlook for a world economy that was already struggling with the US-China trade war falloutMSCI’s all country world index, which tracks almost 50 countries, was down over 1 percent once Europe opened and almost 10 percent for the week – the worst since October 2008.Wall Street shares had plunged 4.4 percent on Thursday alone which was its largest fall since August 2011. They have now lost 12 percent since hitting a record high just nine days ago, driving into so-called correction territory.The CBOE volatility index, often called the “fear index”, jumped to 39.16, its highest in about two years, well out of the 11-20 range of recent months.The index, which measures expected swings in US shares in the next 30 days, typically shoots up to around 50 when bear market selling hits its heaviest and approached almost 90 during the 2008/2009 financial crisis.Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., February 27, 2020. (REUTERS/Brendan McDermid)Pandemic warningIn Asia, MSCI’s regional index excluding Japan shed 2.7 percent. Japan’s Nikkei slumped 4.3 percent on rising fears the Olympics planned in July-August may be called off due to the coronavirus.“The coronavirus now looks like a pandemic. Markets can cope even if there is big risk as long as we can see the end of the tunnel,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.“But at the moment, no one can tell how long this will last and how severe it will get.”World Health Organization Director General Tedros Adhanom Ghebreyesus said the virus could become a pandemic as the outbreak spreads to major developed economies such as Germany and France.About 10 countries have reported their first virus cases over the past 24 hours, including Nigeria, the biggest economy in Africa.The global rout knocked mainland Chinese shares, which have been relatively well supported this month, as new coronavirus cases in the country fell and Beijing doled out measures to shore up economic growth.Read also: Global shares head for worst week since 2008 financial crisis Read also: Trading suspension looms as Indonesian stocks plunge another 4%last_img read more

Lakers sign former Syracuse star Johnson

first_img Published on July 14, 2013 at 2:17 pm Contact Trevor: tbhass@syr.edu | @TrevorHass Former Syracuse forward Wesley Johnson will join the Los Angeles Lakers.Johnson and the team agreed to a one-year contract for the veteran minimum of $1 million, as first reported by The Los Angeles Times and later confirmed by ESPN Los Angeles.Drafted fourth overall by the Minnesota Timberwolves in 2010, Johnson has averaged 7.7 points per game in his three-year NBA career. Last season he scored eight points per game and started 21 times for the Phoenix Suns. Johnson scored in double figures in 16 of the Suns’ last 25 games.Johnson, a 6-foot-7 sharpshooter, averaged 16.5 points and 8.5 rebounds in 2009-10 for Syracuse. He guided the Orange to a No. 1 seed in the NCAA Tournament and a trip to the Sweet 16.The Lakers waived Metta World Peace under the amnesty clause and Kobe Bryant may miss the start of the season with an Achilles injury. Johnson will look to help the Lakers bounce back after a tumultuous 2012-13 season.AdvertisementThis is placeholder text Comments Facebook Twitter Google+last_img read more

What Joe couldn’t do, maybe Dillon can

first_imgThe comparison began the minute running back Joe McKnight committed to play football for USC rather than homestate Louisiana State University in 2007.He was going to be the next Reggie Bush.Bush, who declared for the NFL draft in 2006, left a legacy at USC after winning the Heisman Trophy in 2005 and cementing his place as one of the best running backs the Trojans have ever seen grace the Coliseum.His 2005 rushing numbers: 1,740 yards, 16 touchdowns and an average of 8.7 yards per carry.His 2005 receiving numbers: 37 receptions for 478 yards, two touchdowns and an average of 12.9 yards per reception.And after returning one punt for a touchdown early in the season, Bush simply didn’t receive many more punts to return. Opposing teams opted to kick the ball out of bounds rather than deal with the superstar who had skills that made five-star recruits look like they were playing the wrong sport.Bush’s final line was staggering, and he rightfully took home the Heisman Trophy following his junior campaign.Then, like many expected, he turned pro.USC was left without the flair and excitement that Bush provided when the Trojans played the 2006 season, but 2007 was to be different.Joe McKnight was to be the new man.The new Bush.But he never was.McKnight showed glimpses of greatness at times, but he battled injury problems throughout his stay in the Cardinal and Gold, and he never did seem to grasp the concept of holding onto the ball all that well.Only after declaring for the NFL draft after the 2009 season did McKnight state that the lofty expectations placed on him to be the next Reggie Bush negatively affected his play on the field.“I could have been better,” he said.“That’s what my biggest problem was, trying to be so much like [Bush], instead of just being Joe McKnight and playing Joe McKnight football,” he added.McKnight’s most recent season, his best at USC, ended with 1,014 rushing yards, eight rushing touchdowns and an average of 6.2 yards per carry. He also caught 22 passes for 146 yards, but didn’t score a single receiving touchdown.Those stats are very un-Bushian.So now, the question still remains.Who is the “next Reggie Bush?”That may be impossible to answer. Maybe, just like the NBA question of who is the next Michael Jordan, there is no one that can fill Bush’s cleats.Maybe Trojan football will never see another star juke, jump and, yes, even push like Bush did during his time at USC.Or maybe, just maybe, the next Bush has arrived.Lane Kiffin seems to believe in the latter.The new USC head coach has compared new freshman running back Dillon Baxter to none other than No. 5 himself.And unlike McKnight, Baxter, who graduated early from high school so he could enroll at USC in January and participate in spring practice, likes the comparison.“It’s an honor to be compared to Reggie Bush,” the 19-year-old said.Just like Bush, Baxter hails from San Diego and possesses the quick, make-you-miss moves that Bush had in college.Nothing can be proven until the season begins and Baxter shows what he can contribute as a Trojan, but early in spring practice Baxter is being used at a number of different positions, similar to Bush. Baxter has seen time at running back, receiver and even quarterback on the field.“Hopefully, I’ll get all these positions down,” Baxter said. “I’m not sure where I’ll be playing. They’re going to move me around once I get all the running back plays down.”At Mission Bay High School, Baxter impressed recruits by not only rushing for 2,974 yards but also throwing for 1,922 yards as quarterback.Those are skills even Bush didn’t bring with him to the college level.Baxter has all the potential to make the big plays with his arm and legs.Maybe it’s time to dust off No. 5’s old cleats. We might have a perfect fit.“Soft Hands” runs on Tuesdays. To comment on this article, visit dailytrojan.com or e-mail Jon at jhaber@usc.edu.last_img read more

Ghana FA releases 2019/ 2020 Division One League fixtures

first_imgThe 2019-2020 Division One  League kicks off on the weekend of 10- 12 January 2020 at match venues across the country.All three zones will kick off their opening round of matches next weekend.Below are fixtures for this season’s Division One League matches for all three zones:ZONE ONE:Zone One Fixtures for 2019-2020 Division One League matches. The second tier league is scheduled to commence next weekend#BringBackTheLove#IgnitingPassionCreatingWealthForAll pic.twitter.com/RB1kkpi0G6— Division One League (@DivisionOneGH) January 2, 2020 ZONE THREE:Zone Three Fixtures for 2019-2020 Division One League matches. The second tier league is scheduled to commence next weekend#BringBackTheLove#IgnitingPassionCreatingWealthForAll pic.twitter.com/QzBtp2bWZ2— Division One League (@DivisionOneGH) January 2, 2020 ZONE TWO:Zone Two Fixtures for 2019-2020 Division One League matches. The second tier league is scheduled to commence next weekend#BringBackTheLove#IgnitingPassionCreatingWealthForAll pic.twitter.com/IN0LOXNZyw— Division One League (@DivisionOneGH) January 2, 2020last_img read more