Markets Finished Week in Red amid Coronavirus Epidemic
Mar 8, 2020 at 9:27 am UTC by Teuta Franjkovic
· 4 min read
European stocks fell sharply on Friday. On Wall Street, equities sank as well with the Dow Jones industrial average falling by 250 points. The coronavirus is spreading.
Even though coronavirus came from Wuhan, Hubei – a China province, it seems that the country finally made its way on reducing the number of infected people. China’s National Health Commission (NHC) reported a significantly reduced number of COVID-19 cases with 99 new confirmed in the past twenty-four hours. This is, however, the lowest number since January 20, when the NHC released its first round of figures. But the markets still react rather significantly to all the news related to the coronavirus.
Markets amid Coronavirus: Dow Jones Falling
Equities on major United States stock markets closed the trading session on Friday lower. The Dow Jones Industrial Average index declined by 0.98% at the close. JPMorgan Chase & Co (NYSE: JPM) was the worst performer, losing 5.13%. The Nasdaq 100 decreased by 1.63% as the trading session ended. Autodesk (NASDAQ: ADSK) lost the most – 5.77%. The S&P 500 lost 1.71% at the closing bell as Diamondback Energy Inc (NASDAQ: FANG) dropped 16.58%.
Oil and gas shares on the markets sank 5.5% as OPEC+ failed to reach an output deal amid coronavirus. The U.S. 10-year Treasury tumbled below 0.7% for the first time ever.
South Korea – 7,041 Infected
In the meantime, Korea Centres for Disease Control and Prevention (KCDC) said there are 483 new people affected by the disease in the country in the past day to reach 7,041 in total, while the nationwide death toll stands at 48 with one additional fatality reported since yesterday’s update.
According to the Korea Centers for Disease Control and Prevention (KCDC), most of the new cases came from the city of Daegu, the epicentre of the disease in the country. The new cases include a mass infection at an apartment complex in Daegu where a third of the residents have been diagnosed with COVID-19.
United States – 335 Infected
In United States, Florida Department of Health confirmed two fatalities in the state caused by the COVID-19 outbreak in the past twenty-four hours, bringing the total nationwide death toll to 17.
Yesterday, during the U.S. President Donald Trump‘s briefing on the coronavirus, it was mentioned that the areas where the deadly virus is circulating are being focused on, noting the government is aware of where most cases seem to be concentrated and is looking to prioritize those regions. New York Governor Andrew Cuomo announced on Friday that the number of coronavirus infections in the state tripled to 33, while a further 4,000 are under a “precautionary quarantine.”
The number of COVID-19 cases aboard Grand Princess cruise ship stands at 21, as was confirmed by United States Vice President Mike Pence who is in charge of the Administration’s Coronavirus Task Force.
Pence noted of the total number of affected, 19 are crew members and the remaining two are passengers. He added the country plans to move the ship, docked off the California coast, into a non-commercial port where all passengers and the entire crew could be tested.
France – 653 Infected
In Europe, things are not so good either. The head of the French public health service, Jerome Salomon, said on Friday 613 cases of the coronavirus have now been confirmed in the country. On Saturday this number got even bigger – 653. However, there are no new deaths reported so the death toll is still at nine. 39 people are in intensive care and 12 people are considered recovered. Switzerland has reported on Friday 123 new cases of coronavirus, raising the total to 337 cases and one dead. Also, there are three people who reportedly recovered. The number of people infected with the coronavirus in Germany jumped to 711 on Saturday, the Robert Koch Institute (RKI) announced.
Equities on major European stock markets closed in the red on Friday while the threat of the coronavirus is serious in the region. The FTSE 100 dropped 3.48% at the end of the session with Anglo American PLC (LON: AAL) falling 8.61%. The DAX lost 3.37%. RWE AG SP ADR (OTCMKTS: RWEOY) was the worst performer, tumbling 6.38%. The CAC 40 decreased by 4.31% as TechnipFMC (NYSE: FMC) declined by 8.07%.
Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.
The past several weeks have been chaotic everywhere in the world as the coronavirus outbreak threatens economies in both the West and the East. McKinsey explained what new challenges businesses have today.
Abbott Laboratories gets FDA approval on its coronavirus test m2000 RealTime System, which takes a 5-minute minimum to get the results. ABT stock rose nearly 2% after hours to trade around $76 though on Monday its price was $62.