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

Ashwin, Jadeja revive India in finely poised third Test

first_imgRAVICHANDRAN Ashwin and Ravindra Jadeja’s unbeaten seventh-wicket partnership of 67 pushed India towards a first-innings lead over England in the third Test.England added just 15 runs to their overnight total before their first innings was brought to a close with 283 on the board, a total that India are now just 12 runs adrift of following day two in Mohali.India largely dominated proceedings and half-centuries from Cheteshwar Pujara (51) and captain Virat Kohli (62) had them past 150 with just three wickets down.Ajinkya Rahane (0) and Karun Nair (4) each went cheaply, though, and Kohli’s exit with 204 on board seemed set to be the key moment in an England turnaround.Ashwin (57 not out) and Jadeja (31no) had other plans, however, and steadied the ship to steer India to 271-6 at the close, as they seek to take a 2-0 lead in the five-match series.Adil Rashid (4) went in the second over of the day and, though James Anderson posted an unbeaten 13, England failed to surpass 300 – Mohammed Shami (3-63) dismissing Gareth Batty (1).Murali Vijay (12) and Parthiv Patel, playing in his first Test since 2008, put on 39 for the first wicket before Ben Stokes (2-48) had Vijay caught behind.Patel was unable to mark what had looked a promising return to the Test arena with a half-century as he was given out lbw at the hands of Rashid (3-81) on review for 42.But, in typical fashion, Kohli’s arrival at the crease tilted matters firmly in India’s favour.The India skipper continued his tremendous form from Visakhapatnam – where he scored 167 and 81 in the second Test – to combine with Pujara for a patient stand of 75.Pujara, who hit eight boundaries for his 51, was finally removed when Chris Woakes claimed a superb low catch.Two overs later Rashid had his third wicket of the day as Rahane lasted only six balls, with Nair then undone by a direct-hit run out by Jos Buttler.Stokes had been reprimanded by the ICC for an exchange he had with Kohli following his exit on day one and the all-rounder referenced that episode by covering his mouth after Kohli nicked his delivery behind to Jonny Bairstow.However, it was the batting of Ashwin and Jadeja (31 not out) that did the talking late in the day, the former hitting eight boundaries in 82 balls in a counter-attack that brought about his ninth Test fifty.(Omnisport).ENGLAND 1st innings (Overnight: 268-8)A. Cook c P. Patel b R. Ashwin 27H. Hameed c Rahane b U. Yadav 9J. Root lbw b Yadav 15M. Ali c Vijay b Shami 16J. Bairstow lbw b Yadav 89B. Stokes st P. Patel b Jadeja 29J. Buttler c Kohli b Jadeja 43C. Woakes b U. Yadav 25A. Rashid c P. Patel b Shami 4G. Batty lbw b Shami 1J. Anderson not out 13Extras (b-8 lb-3 nb-1) 12Total (all out, 93.5 overs) 283Fall of wickets: 1-32 H. Hameed,2-51 J. Root,3-51 A. Cook,4-87 M. Ali,5-144 B. Stokes,6-213 J. Buttler,7-258 J. Bairstow,8-266 C. Woakes,9-268 A. Rashid,10-283 G. BattyBowling: M. Shami 21.5 – 5 – 63 – 3, U. Yadav 16 – 4 – 58 – 2,J. Yadav 15 – 5 – 49 – 2, R. Ashwin 18 – 1 – 43 – 1, R. Jadeja 23 – 4 – 59 – 2(nb-1)INDIA 1st inningsM. Vijay c Bairstow b Stokes 12P. Patel lbw b Rashid 42C. Pujara c Woakes b Rashid 51V. Kohli c Bairstow b Stokes 62A. Rahane lbw b Rashid 0K. Nair run out (Buttler) 4R. Ashwin not out 57R. Jadeja not out 31Extras (b-8 lb-3 nb-1) 12Total (for 6 wickets, 84 overs) 271Fall of wickets: 1-39 M. Vijay,2-73 P. Patel,3-148 C. Pujara,4-152 A. Rahane,5-156 K. Nair,6-204 V. KohliTo bat: J. Yadav, M. Shami, U. YadavBowling: J. Anderson 16 – 3 – 36 – 0, C. Woakes 15 – 5 – 47 – 0,M. Ali 9 – 1 – 19 – 0(nb-1), A. Rashid 24 – 4 – 81 – 3,B. Stokes 15 – 2 – 48 – 2, G. Batty 5 – 0 – 29 – 0.last_img read more

Jefferson leaves game on stretcher

first_imgJEFF SCHORFHEIDE/Herald photoAs the second quarter wound down Saturday afternoon, Wisconsin sophomore wide receiver Kyle Jefferson was hit by Minnesota linebacker Simoni Lawrence after receiving a pass over the middle. Jefferson was unconscious when the Wisconsin medical staff reached him. He was taken off the field via ambulance on a stretcher but was able to speak and move his arms and legs by the time he was taken away.“Any time one of your players is injured the way that Kyle was, you become very afraid of bad news and results that may come soon after,” head coach Bret Bielema said. “But preliminary reports are very, very encouraging.”Jefferson was tested for head and neck injuries following the hit. He was released from the hospital Sunday after it was determined he suffered a concussion.Anderson has career dayLast week, sophomore wide receiver Isaac Anderson was praised by his coaches for his impressive downfield blocking abilities. Saturday, Anderson did a little more than just block. He finished the game with a career-high 114 yards on six catches.“Any receiver is waiting for a game where he can break out for 100 yards,” Anderson said. “It’s just a blessing to have this opportunity to make plays.”His teammates weren’t surprised with the breakout game.“I definitely knew Isaac had this in him,” cornerback Allen Langford said. “Isaac is a guy who’s always working hard. Even when I’m staying after practice, Isaac wants to come and work with me.”Anderson dropped a ball in the second quarter that could have been a 63-yard touchdown.“I just dropped it, flat-out,” he said. “No excuse. It’s a ball I should have caught.”But he rebounded on the very next snap, converting a first down on a pass over the middle.“I just really thank the coaches for giving me another opportunity to make another play,” Anderson said. “I appreciate the opportunity that (offensive coordinator Paul) Chryst gave me the very next play, gave me a nice little slant pattern. I got a confidence boost from that also.”Anderson also connected on a fourth-quarter 39-yard strike from Dustin Sherer that was initially called a touchdown, but was overturned after further review.“We lined up and (wide receiver David Gilreath) said, ‘This ball’s coming to you,’ and luckily it did,” Anderson said.Jump Around battleDuring the famous Jump Around tradition between the third and fourth quarters, both the Wisconsin and Minnesota sidelines started to get riled up, almost egging each other on.“(Defensive line) coach (Charles) Partidge told us, ‘If they’ve got more guys jumping around than we do, it’s a problem,’ so we all were jumping around,” defensive end O’Brien Schofield said. “Coach Partridge started jumping around, and it just became a battle from sideline to sideline.”“It was almost like we were competing,” safety Chris Maragos added. “Everybody kept inching closer.”Although Bielema had to settle things down, the scuffle did seem to light a fire under the home team, which outscored the visiting Gophers 18-8 in the final frame.“The way that crowd reacted to start the fourth quarter was huge and something our kids really fed off of,” Bielema said.last_img read more

Brock Lesnar to Bobby Lashley, wrestlers who have excelled outside WWE

first_img Written By First Published: 5th October, 2019 20:31 IST COMMENT Adil Khan LIVE TV Last Updated: 5th October, 2019 20:31 IST Brock Lesnar To Bobby Lashley, Wrestlers Who Have Excelled Outside WWE WWE: Professional wrestling sometimes takes over a wrestler’s life and they decide to leave the company and try something else. Here’s a list of wrestlers. Also Read l WWE: Brock Lesnar Defeats Kofi Kingston In Seconds To Win The TitleBobby LashleyBobby Lashley has done a lot outside the ring, he has previously won 3 NAIA championships, 4 NAIA All-American championships, 3 International Military Sports Council championship and many more. Apart from that, he has also won many wrestling championships while serving for the US Army, However, he was not able to represent his country at the Olympics as he was injured a few days before the event in a bank robbery.  After that, Lashley made his career in MMA, WWE and TNA. Though his MMA career was short-lived, he became the TNA champion numerous times. These days he is dominating the WWE ring with is raw power.Also Read l WWE SmackDown: Cain Velasquez Enters The Ring To Destroy Brock LesnarKurt AngleMany know about how legendary was Kurt Angle’s career in WWE, but only a few may know that he has done incredibly well outside the ring too. Before joining WWE, he won many awards in his amateur wrestling career. He is a 2-time NCAA Division-1 Heavyweight Wrestling Champion and a gold medallist in freestyle wrestling at 1995 World Wrestling Championships. But his is most noteworthy win apart from WWE championship title was winning a Gold medal in freestyle wrestling at the 1996 Summer Olympics.Also Read l WWE SmackDown Results, October 4: Winners, Grades And Other Details WATCH US LIVE Professional wrestling sometimes takes over a wrestler’s life and they decide to leave WWE and try something else. The biggest example of this is former WWE wrestler CM Punk who left WWE because of some conflict with WWE officials. CM Punk then decided to fight in Ultimate Fighting Champion (UFC) but lost his debut match, he then started making comic books, commentating at shows and movies. Though he has left WWE, he is still known to be one of the greatest WWE wrestlers and whenever he decides to come back, fans would welcome him with open arms. Apart from CM Punk, many WWE superstars have tried their luck in other areas.Also Read l WWE SmackDown: Braun Strowman Vs Tyson Fury, Will It Happen?Brock LesnarThe most known WWE wrestler to try in other sport is Brock Lesnar. The Beast has dominated both the WWE Ring and UFC Octagon in the past. Fans believe that Brock is one of the best crossover stars in the history of mixed martial arts. In his early days, Brock Lesnar won a lot of titles in WWE and later went on to become the Heavyweight Champion in UFC. Now that he has returned to WWE, he still performs at his highest level and still has a lot of fan following. Without a doubt, Brock Lesnar is the benchmark for all the future wrestlers who want to dominate either WWE or UFC or both. SUBSCRIBE TO US FOLLOW USlast_img read more