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Coronavirus Outbreak
The death toll of a coronavirus outbreak sweeping China has reached at least 1,112, with nearly 45,000 people infected as of Tuesday.
The virus, now officially known as COVID-19, has spread to at least 26 other countries.
WHO chief sees chance to stop virus, warns of 'grave' threat
The death toll in China from the new coronavirus epidemic jumped on Wednesday, as the chief of the World Health Organization urged countries to work together against the "grave threat" posed by the outbreak.
The WHO is holding a conference in Geneva on combating the virus, which has killed more than 1,100 people in China and spread to dozens of countries around the world.
WHO chief Tedros Adhanom Ghebreyesus said viruses could have "more powerful consequences than any terrorist action".
"We have to use the current window of opportunity to hit hard and stand in unison to fight this virus in every corner," Tedros said, warning that a failure to act would lead to far more cases in the future.
China’s foremost medical adviser on the outbreak, Zhong Nanshan, said numbers of new cases were falling in some provinces and forecast the epidemic would peak this month.
“I hope this outbreak or this event may be over in something like April,” Zhong, an epidemiologist who played a role in combating an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, told Reuters.
Trump's national security adviser says coronavirus could impact U.S.-China trade deal: CNN
U.S. President Donald Trump's national security adviser, Robert O'Brien, acknowledged that the coronavirus outbreak could impact the Phase One trade deal between the United States and China, a CNN reporter said on Twitter bit.ly/31Lafhb on Tuesday.
“This could have an impact on the phase one deal,” O’Brien told an audience at the Atlantic Council in remarks on the outbreak, according to the CNN reporter.
Coronavirus could impact Chinese purchases of U.S. farm goods: U.S. official
The coronavirus outbreak in China could reduce Chinese purchases of American agricultural products this year under the U.S.-China Phase 1 trade deal, White House national security adviser Robert O’Brien said on Tuesday.
“We expect the Phase 1 deal will allow China to import more food and open those markets to American farmers, but certainly as we watch this coronavirus outbreak unfold in China it could have an impact on how big, at least in this current year, the purchases are,” O’Brien told an event at the Atlantic Council.
China takes major steps to prop up coronavirus-hit economy
Chinese policymakers have implemented a raft of measures to support an economy jolted by a coronavirus outbreak that is expected to have a devastating impact on first-quarter growth.
The People’s Bank of China (PBOC) is attempting to restore investor confidence and as global markets shudder at the potentially damaging impact of the virus on world growth.
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Dollar recedes from four-month highs as risk appetite improves
The dollar retreated from a four-month high against the euro on Tuesday as risk appetite improved, following a weeklong rally as investors chased higher returns in the United States.
The S&P 500 and the Nasdaq opened at all-time highs on Tuesday after China’s foremost medical adviser on the coronavirus outbreak said the epidemic may peak this month.
The death toll in mainland China from the outbreak climbed past 1,000 on Tuesday, but the number of new confirmed cases fell.
Concerns about the economic impact of the coronavirus have added a safety bid for the greenback in recent sessions, while economic data has boosted the view that the U.S. economic outlook is stronger than the euro zone’s.
The euro fell as low as $1.0892 on Tuesday, the lowest since Oct. 1, before bouncing back to $1.0921.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 98.721 after declining from levels above 98.8 seen earlier.
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Fed's Powell says economy in good place, warns on coronavirus
Comments by Federal Reserve Chairman Jerome Powell on Tuesday affirmed the view that the U.S. central bank is unlikely to change interest rates in the near term.
With risks like trade policy uncertainty receding and global growth stabilizing, Powell signaled he saw no reason to adjust U.S. interest rates, unless new developments cause a “material reassessment” to the current outlook.
Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, even as he cited the potential threat from the coronavirus in China and concerns about the economy’s long-term health.
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Trump says he would sign Indian trade pact if it was right
U.S. President Donald Trump said on Tuesday he would sign a trade deal with Indian Prime Minister Narendra Modi if it was the right one.
Trump is scheduled to make his first visit as president to the world’s largest democracy later this month. The two countries have been trying to reach a limited trade pact with lower tariffs, but talks have run into problems over issues with data privacy and e-commerce controls.
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EU seen opening up trade to Vietnam, closing door to Cambodia
The European Union is expected to open its markets to Vietnam on Wednesday, while closing its trade doors with Cambodia, rewarding the former for progress on labor guarantees and sanctioning the latter for human rights abuses.
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Oil rebounds from 13-month low, still below $50
Oil prices edged up from 13-month lows on Tuesday as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction.
The death toll surpassed 1,000 on Tuesday, though the number of new confirmed cases fell. The epidemic could peak in February and then plateau before easing, said the Chinese government’s top medical adviser on the outbreak.
Brent crude gained 78 cents, or 1.4%, to trade at $54.05 per barrel. It fell to $53.11 on Monday, the lowest since January 2019. U.S. West Texas Intermediate crude gained 37 cents, or 0.75%, to settle at $49.94 per barrel.
Reference: CNBC, Reuters, Business Insider, Yahoo
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