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Virus-hit stocks shed $3 trillion; safe havens thrive
-In the United States, Microsoft became the second trillion-dollar company to warn about its results after Apple. X. Its Frankfurt-listed shares were down 4%.
-Global equities have now fallen for six straight days. Wall Street’s so-called fear gauge was near its late 2018 highs.
U.S. spy agencies monitor coronavirus spread, concerns about India – sources
While there are only a few known cases in India, one source said the country’s available countermeasures and the potential for the virus to spread given India’s dense population was a focus of serious concern.
Coronavirus could wipe out $1 trn of global GDP
Oxford Economics Ltd. reckons an international health crisis could be enough to wipe more than $1 trillion from global gross domestic product. That would be the economic price tag for a spike in workplace absenteeism, lower productivity, sliding travel, disrupted supply chains and reduced trade and investment.
Global funds load up on Indian stocks as virus shelter in Asia
Some observers still see lingering domestic issues as a threat to the economic rebound. While Indian stocks have been more resilient than others, “worries over the slowing domestic growth, as well as concerns over the liquidity and solvency of the non-bank financing sector remain,” said Kristy Fong, an Asian equities investment director at Aberdeen Standard Investments in Singapore.
Britain’s Financial Conduct Regulator admits data breach
The Information Commissioner’s Office, the body responsible for investigating and imposing sanctions on organizations found guilty of breaches of sensitive data, said the FCA had reported the incident and it would assess the information provided.
Markets are overreacting to threat of Coronavirus: Allianz CEO Baete
“There’s a lot of panic at that moment that’s not warranted,” said Baete. “Short-term economic activity will contract and it will have an impact on global GDP, but it’s not like the world will end tomorrow.”
Global recession likely if coronavirus becomes pandemic: Moody’s Analytics
“COVID-19 is battering the global economy in numerous ways. Chinese business travel and tourism has all but stopped; global airlines are not going to China and cruise lines are cancelling most Asia-Pacific itineraries. This is a huge problem for major travel destinations, including in the US, where some 3 million Chinese tourists visit each year,” Moody’s Analytics said.
Coronavirus fears drive up credit risk for Gulf crude exporters
The United Arab Emirates on Tuesday suspended all flights to and from Iran due to the spread of the coronavirus in the Islamic republic, while Kuwait, Bahrain and Oman reported their first cases this week.
US expands its reinsurance program,transfers $400 mn in flood risk to capital markets
As part of the agreement, FEMA will pay $50.28 million in premiums for the first year of reinsurance coverage. Additionally, the agreement will cover 3.33 percent of losses for any single flood event with losses between $6 and $9 billion, and 30 percent if that same flood event has losses that rise to $9 to $10 billion.
WHO warns of pandemic risk after coronavirus peaks in China
The situation is worsening in other countries, with more than 2,000 cases and 30 deaths reported abroad, prompting a raft of restrictions on travellers from infected nations.