Global markets slump with cases nearing 100 000: virus update

The number of coronavirus cases globally approached 100 000, as more infections were reported in the US, Germany and South Korea. Singapore warned of a global pandemic and Britain’s chief scientific adviser said a vaccine could take as long as 18 months to develop.

The rally in bonds gathered steam. Thirty-year Treasury yields plunged below 1.5% for the first time and yields on the 10-year fell to a record. Stocks slumped in Europe and US futures pointed to another day of losses.

Key Developments:

• Global cases 98 437; death toll 3 385
• South Korea blasts Japan over quarantine plan
• Globalisation faces a bend-but-won’t-break crisis
• Central banks just starting virus fight with record low rates
• Google, Microsoft, Facebook urge work from home; banks split teams

 

Cameroon reports first case (5:24 p.m. HK)

Cameroon’s government confirmed the country’s first coronavirus case after a 58-year-old French citizen tested positive. The person arrived February 24 in the capital, Yaounde, and was placed in isolation at the Central Hospital of Yaounde, the Ministry of Public Health said.

Other African countries with confirmed cases include Nigeria, Senegal, Egypt and Algeria.

Samsung to move some phone uutput to Vietnam (5:22 p.m. HK)

Samsung Electronics will transfer some of its production at its Gumi plant in South Korea to factories in Vietnam for stable supply of smartphones to customers, according to a statement. The company had closed a manufacturing line in Gumi until March 7 after reporting a sixth employee was confirmed with the coronavirus, Maeil Business Newspaper reported earlier.

More banks split teams (5:09 p.m. HK)

Danske Bank A/S is splitting up its trading floor to protect staff from the spread of the novel coronavirus, as the number of cases across the Nordic region grows. Saxo Bank A/S has also split up some of its departments and imposed a global travel ban.

Singapore warns of global pandemic (5:03 p.m. HK)

The deadly coronavirus, which has now spread to more than 70 countries worldwide, looks to be becoming a global pandemic, Singapore’s National Development Minister Lawrence Wong said on Friday.

With cases emerging throughout Europe and in the US “it is starting to look like a global pandemic everywhere in the world and as I said it is not going to be possible to shut ourselves out,” said Wong, who is co-chair of a multi-ministry task force established to deal with the virus.

UK’s Vallance says vaccine likely 12-18 months away (4:56 p.m. HK)

The UK government’s chief scientific adviser Patrick Vallance said it’s unlikely a coronavirus vaccine will be developed in time for this outbreak, and that said 12 to 18 months is a more realistic time-frame for the development of a working vaccine.

“I don’t think we’ll get a vaccine for this outbreak, I don’t think we’ll get something in time and in scale for this outbreak,” Vallance told BBC radio on Friday. “That said, there have been remarkable changes in our ability to make and discover vaccines just in the last few years. Things have progressed much more quickly than they would have done in the past.”

ECB says banks should review coronavirus preparedness (4:27 p.m. HK)

ECB says it expects banks to review business continuity plans and consider what actions can be taken to minimize potential effects from spread of coronavirus.

European equities give up their recovery (4:19 p.m. HK)

European stocks dropped as the spreading coronavirus weighed on the travel and leisure sector, with the region’s equities shaking off data that showed German factories saw signs of recovery before the virus outbreak.

The recovery of stocks this week, after central banks moved to ease the impact of the virus, was short-lived with the Stoxx Europe 600 Index down 0.2% for the period. US stock futures also declined.

German cases rise, French MP tests positive (4:10 p.m. HK)

The number of confirmed cases in Germany rose to 534 from 400, the Robert Koch Institute said on its website. Health Minister Jens Spahn said the majority of new infections happened within Germany for the first time, rather than from contact with travelers coming into the country. “With this new development, we have to change our policy,” Spahn told reporters, without giving details. No fatalities have yet been reported in Germany.

Separately, French lawmaker Jean-Luc Reitzer is being treated after contracting coronavirus, Politico reported, citing a statement. The conservative lawmaker is being treated in Mulhouse, south of Strasbourg, and now in a stable condition, the report says.

A person died and 15 more have tested positive at an old people’s center at Valdemoro on the outskirts of Madrid, El Pais newspaper reported, citing regional health authorities.

China scientist says need to monitor potential virus mutation (4:05 p.m. HK)

China is actively monitoring potential coronavirus mutations and so far hasn’t experienced any that have affected the country’s drug, antibody and vaccine development, Zhou Qi, academician of Chinese Academy of Sciences, said at a briefing.

Google, Microsoft, Facebook urge work from home (3:58 p.m. HK)

Google told its Bay Area employees they can work from home because of the outbreak, according to a person familiar with the matter. The voluntary policy covers headquarters in Mountain View, California, and campuses in Sunnyvale and San Francisco.

Microsoft  disclosed the first known cases of coronavirus infection among its employees Thursday, joining Amazon.com Inc. and Facebook Inc. in revealing the disease in their ranks.

Earlier, Facebook encouraged all staff in the Bay Area to work from home starting Friday. The social-media giant said it will review the situation on a weekly basis. Facebook’s Seattle-area workers were encouraged to work from home until the end of March.

Travel demand in China is rebounding (2:05 p.m. HK)

Reservations for domestic flights and hotels in China are recovering from the virus-induced slump as people return to work across the nation, online travel company Tongcheng-Elong Holdings said.

Hotel bookings in the week to March 1 surged 40% from the previous week, while peak daily bookings for domestic flights soared 230% from the lowest level recorded in February, the company said.

Tokyo hospital imposes one-mask-a-day rule (12:12 p.m. HK)

A Tokyo hospital treating coronavirus patients issued guidance last week to its doctors and nurses: only one surgical mask per staff will be allocated each day due to a supply shortage.

The notice, posted on the walls of the hospital’s general ward on February 28, said the facility only had enough masks in stock to last another month, so staff should use the same one throughout the day.

Coronavirus Q&A: What You Need to Know About the Epidemic

Manhattan private schools cancel classes (12:10 p.m. HK)

Two New York City private schools canceled Friday classes after being notified that a parent was exposed to the coronavirus while traveling abroad, according to emails sent to parents. Collegiate School and The Spence School said they would carry out thorough cleanings before allowing students to return.

Collegiate said the unidentified family is in self-quarantine while awaiting test results for the virus.

China arranging buses for some overseas arrivals (10:02 a.m. HK)

Beijing reported more infections, and the government said it will enforce stricter quarantine measures for inbound passengers. Passengers from some countries with coronavirus outbreak will be transported in chartered buses after arriving in China to curb inbound infections, the Ministry of Transport said without identifying the nations.

China reported 16 imported new coronavirus cases March 5, resulting in total of 36 inbound infections.

Beijing’s party chief, Cai Qi, said Thursday the “airport is the battle field.” The city reported four new coronavirus infections Thursday, all in inbound passengers from Italy.

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