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

Bicentennial of Independence of the Bolivarian Republic of Venezuela observed in Dominica

first_img Share Venezuela’s Ambassador to Dominica, Her Excellency Carmen Martinez de Grijalva and Manager of PDV Caribe standing at this morning’s ceremony.Three wreaths were laid at the Simon Bolivar Square in Goodwill on Tuesday as Dominica joined celebrations commemorating the Bicentennial Independence of the Bolivarian Republic of Venezuela.The observation in Dominica began with a Holy Mass at the Roseau Cathedral, officiated by Monsignor William JnoLewis.The celebration marked Venezuela’s 200th Anniversary of Independence.Venezuelan citizen, Nadezkda Marquez, who read the Independence Act of the Bolivarian Republic of Venezuela highlight the history of Venezuela’s Liberator Simon Bolivar.Venezuela’s Ambassador to Dominica, Her Excellency Carmen Martinez de Grijalva, in her address, thanked the Government of Dominica for their friendship with people and Government of Venezuela.‘On behalf of the President of Bolivarian of the Republic of Venezuela, Hugo Chavez, we would like to thank the good people of this country, who continue to have a solid and growing friendship with us,’ the Ambassador said.Wreaths were placed by the Manager of PDV Caribe, the Venezuelan Ambassador to Dominica and the Acting Prime Minister of Dominica, Honorable Reginald Austrie.Cabinet Ministers with Her Excellency Carmen Martinez de Grijalva at this morning’s celebrations.Mr Austrie said that the people of Dominica is thrilled to be celebrating this day with Venezuela; a country that continues to inject billions of dollars into the island.He made mention of the Petro Caribe project and Dominica’s membership of ALBA.‘Two hundred years is a very long time, yet the fire that burns in the Venezuelan people never get cold never gets old nor will it ever die; but it will grow brighter with every passing day. We in Dominica know that fire very well because our ancestors kindled in that fire too,’ Austrie said.The Dominica Government Band wowed the gathering with their beautiful renditions of the National Anthem of the Commonwealth of Dominica and the Bolivarian Republic of Venezuela.Dominica’s Prime Minister Roosevelt Skerrit is currently in Caracas, attending celebrations marking the Anniversary.Domincia Vibes News Sharing is caring! Share 66 Views   one commentcenter_img Share Tweet LocalNews Bicentennial of Independence of the Bolivarian Republic of Venezuela observed in Dominica by: – July 5, 2011last_img read more

Football News Aubameyang steals Arsenal’s comeback to reach Europa League quarter-finals

first_imghighlights New Delhi: Pierre-Emerick Aubameyang spearheaded Arsenal’s revival by scoring twice in a 3-0 win over Rennes to reach the Europa League quarter-finals 4-3 on aggregate, as Chelsea and Napoli also booked a last-eight spot on Thursday. The Gunners canceled out their 3-1 deficit from last week’s first leg in France inside 15 minutes as Aubameyang swept home from close range before teeing up Ainsley Maitland-Niles to head home. However, Rennes had cause to complain as Aubameyang should have been flagged offside before the second goal.With VAR not in use for the Europa League unlike the Champions League, there was no recourse for Rennes and the Ligue 1 side will also reflect on missed opportunities after the break as a historic European run for the club came to an end. M’Baye Niang struck the post and Sead Kolasinac’s last-ditch tackle denied Ismaila Sarr before the Bosnian wing-back crossed for Aubameyang to give Arsenal breathing space. Aubameyang spearheaded Arsenal’s revival by scoring twice in a 3-0 win over Rennes.Pierre-Emerick reaches the Europa League quarter-finals 4-3 on aggregate.Winning the Europa League also offers Arsenal and Chelsea the safety net of Champions League qualification. Winning the Europa League also offers Arsenal and Chelsea the safety net of Champions League qualification should they fail to make the top four in the Premier League. But Arsenal boss Unai Emery, who won the Europa League three times as Sevilla coach, also wants the glory of a trophy in his first season in charge.”It is not only the possibility to go to Champions League, but it also is one title and we can feel the possibility to win one title,” said the Spaniard. Chelsea cruised into the last eight with greater ease as six Premier League sides will take their place in Friday’s quarter-finals draws with Manchester City, Manchester United, Liverpool and Tottenham in the last eight of the Champions League.After a 3-0 victory in last week’s last 16, first leg at Stamford Bridge, Chelsea was even more dominant in Kiev as Olivier Giroud scored his first hat-trick for the club.”We started very well. We wanted to start in this way,” Chelsea manager Maurizio Sarri told BT Sport.”We played a wonderful first half and managed the game in the second half.” Giroud, who is yet to start in the Premier League in 2019 after the signing of Gonzalo Higuain, netted a first-half double before Marcos Alonso slid home a third on the stroke of half-time. Frenchman Giroud completed his hat-trick before teenage winger Callum Hudson-Odoi rounded off the scoring. For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps.last_img read more

2019 SBF Petroleum/CGI Jaguars One Day League 50 Overs Tournament| Smith’s fiery spell of 6-41 helps Lower Corentyne destroy Georgetown by 7 wickets

first_imgBy Clifton RossGEORGETOWN’S woeful performance continued in Round 3 yesterday, as they were hammered for the third consecutive time in the League. Lower Corentyne pacer Niall Smith scythed through their batting for a meagre 104 to win by 7 wickets.Luck at the GCC ground, Bourda, seems to be with the visitors this season as the home team were blown away in the 37th over. Smith, the right-arm speedster seemed to be clocking high-speeds as he bagged 6-41 in 9 overs.Batting first proved to be wrong as it turned out to be another dismal batting outing with the experienced home team succumbing to Smith’s lethal spell. He removed the likes of ;Joshua Persaud (0), captain Leon Johnson (0) and all-rounders Chris Barnwell (11) and top-scorer Steven Jacobs (19).For the second match at Bourda, Barnwell was unlucky to be given out to poor umpiring, a botched lbw decision which attracted mixed reactions on and off the field.Apart from Barnwell’s misfortune, Georgetown were hapless from the start, being reduced to 55-7 with half the allotted overs left. Smith left no stone unturned as his pace and movement ruffled the feathers of the Georgetown batsmen.The 25-year-old Berbician pacer forced opener Raymond Perez to retire hurt following a stiff blow to the ribs, while a few others in the line-up were also peppered with a barrage of short balls.Jacobs hit a few sixes while Barnwell looked set for a good score, following his recent lean run but after they fell, the rest of the side eventually wilted.As a result, the Berbice side cruised to their target reaching 105 for 3 in 28.4 overs. The shepherd was again veteran middle-order batsman Johnathan Foo who stroked four fours in his unbeaten 42.Foo followed up his fifty from a few games ago to play a subtle innings mixed with aggression and maturity to see his side safely over the ropes.National youth player Kevlon Anderson hit three fours in his 35 to aid Foo in the chase as the home bowlers toiled and struggled. Spinner Steven Sankar grabbed 2-27 with support from Windies Youth spinner Ashmead Nedd who chipped in with 1-17.Openers Junior Sinclair (10) and Maxie Dejonge (13), set the tone with some positive strokes as they both reached double figures. Lower Corentyne endured a few hiccups as they reached 98-3, following the removal of the openers by Sankar and Nedd respectively.Foo and Seon Hetymer (2*) then saw off the bowlers without any further bumps, to easily hunt down the mediocre target with wickets and overs to spare.last_img read more