Asian stocks and U.S. futures fell as U.S. President Donald Trump addressed the nation on Thursday morning, with risk aversion on the rise, with spot gold briefly trading above $1,650 an ounce and the yen strengthening as the dollar fell below 104. However, gold has fallen sharply from the day’s high and is now close to $1,640 an ounce as traders sell the metal to cover margin inequities.
The US President Donald Trump has said the us will suspend all travel to Europe for the next 30 days, but the travel ban does not cover the UK. Older Americans should avoid unnecessary travel. All nursing homes are advised to suspend all unnecessary visits.
Mr. Trump noted that he was in close communication with Allies. This is the most extensive effort in history to deal with the outbreak and we are confident that it will significantly reduce the threat to people.
Mr. Trump said urgent action would be taken to provide relief and would require Congress to take legislative action on the bailout. Mr. Trump called on Congress to cut payroll taxes immediately.
Mr. Trump also said that directing the Treasury to defer some tax payments would provide an extra $200bn in liquidity.
However, futures on the three major us stock indexes extended losses to 2 percent as Mr. Trump spoke. Stocks across the region fell, with Australia’s ASX200 index extending losses to 4 percent. The nikkei 225 fell 3.7%.
Euro Stoxx 50 futures extended losses to 2.77 percent, while FTSE 100 futures fell 2.93 percent.
The safe-haven yen strengthened. The dollar continued to fall against the yen, falling below 104, extending the day’s decline to 0.5%.
Spot gold briefly touched $1,650 an ounce after trump’s speech, but soon gave up gains and moved closer to the $1,640 mark. Gold is currently trading around $1,642 an ounce. Analysts said this was mainly due to traders selling gold to cover margin requirements in the stock market.
Gold came under bearish pressure overnight and at one point tested key support of $1,633.60 an ounce, according to an article on Economies.com.
According to Economies.com, gold needs to consolidate above $1,683.60 an ounce to make the bullish trend work for some time to come, with an initial target of $1,689.33.
Once gold falls below support at $1,633.60 an ounce, it will send prices further lower and test the $1,599.10 level before attempting a rebound, Economies.com added.
Actor Tom Hanks says he and his wife have tested positive for a new coronavirus, according to the New York Times.
Tom Hanks’ confirmation of new coronavirus pneumonia may increase pressure on the U.S. government to do more, Forexlive commented.
As of the evening of March 11, at least 1,162 new cases of crown pneumonia have been confirmed in the United States, including 37 deaths, according to CNN. The outbreak has spread to 41 states and Washington, d.c.
The White House and congress discussed the stimulus measures on Tuesday. US President Donald Trump told Treasury Secretary Steven Munchin at a meeting that fed chairman colin Powell should be encouraged to do more to stimulate the economy, the Washington Post reported, citing two people familiar with the matter. Mr. Trump demanded that Mr. Mnuchin talks to Mr. Powell and that the fed take more drastic steps to stop the stock market slide.
Mark Fauci, director of the national institute of allergy and infectious diseases in the United States, said he did not rule out following Italy’s lead in blocking large areas of the population or even entire cities.
At a closed-door meeting this week, congressional doctors told congressional staff that an estimated 70 million to 150 million Americans, about one-third of the U.S. population, could be infected with the new coronavirus, according to two sources reported by AXIOS. The top U.S. congressional physician says congress should prepare for the worst.
Washington, d.c., declared a state of emergency Thursday afternoon because of a worsening pneumonia outbreak. Washington, d.c., health officials say the total number of new pneumonia cases in the region is now 10, and more are expected to follow.
The Washington health department is advising people not to hold unnecessary large gatherings until March 31. The march Washington marathon and half marathon were canceled. Tours of the U.S. Capitol have also been canceled.
Washington D.C. mayor Muriel bowser said declaring a state of emergency would allow the capital region to use more resources to deal with the outbreak, and local health authorities have recommended postponing or canceling large, nonessential public events for more than 1,000 people.
Who declares new coronavirus outbreak a “global pandemic”
The head of the world health organization (WHO) announced at a news conference in Geneva that the new pneumonia outbreak has become a global pandemic. The new coronavirus, unknown to the world health organization just three months ago, has spread rapidly to Asia, Europe, the Middle East and parts of the United States.
By the time of the press conference, who had received notification from countries that 118,000 new cases of crown pneumonia had been confirmed globally, affecting more than 110 countries and resulting in nearly 4,300 deaths.
The director-general of the world health organization (who), tan Desai day, said recently that the new pneumonia outbreak has acquired the characteristics of a pandemic.
Speaking at a regular news briefing in Geneva, Dr. Tandse said the extent and severity of the outbreak were deeply concerning, “which is why we assess that the new pneumonia outbreak is characterized as a pandemic.”
In the past two weeks, the number of confirmed cases of new pneumonia outside China has increased 13-fold, and the number of affected countries and regions has tripled, Dr. Tandesay said. More than 118,000 cases have been confirmed in 114 countries and regions, with 4,291 deaths and thousands more fighting for their lives in hospitals. The number of confirmed cases, deaths and the number of affected countries and regions are expected to rise further in the coming weeks.
Who officials have been reluctant to classify the virus as a global pandemic, generally defined as a disease that spreads widely around the world.
Global health experts say declaring a pandemic would have significant political and economic implications. It could further destabilize already fragile world markets, leading to tighter restrictions on travel and trade.
According to the who, a pandemic is “the unexpected spread of a new disease worldwide to which people have no immunity”.
The latest data released by the world health organization on March 11 shows 37,371 new cases of pneumonia have been confirmed outside China.
According to the who’s daily outbreak report, the number of newly confirmed cases of pneumonia outside China increased by 4596 from the previous day to 37,371 as of 10:00 pm CET (17:00 GMT). The number of deaths outside China rose by 258 from the previous day to 1,130. Globally, the number of new crown pneumonia cases increased by 4,627 to 118,326. The number of deaths increased by 280 from the previous day to 4,292.