Latest on the spread of the coronavirus around the world:
- Total confirmed cases: More than 536,820
- Total deaths: At least 24,117
- Affecting 199 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise).
- US cases: At least 85,612, and deaths: 1,301
- Italy cases: At least 80,589, and deaths: 8,215
- Thailand cases: At least 1,136 (+91), and deaths: 5
· G20 leaders to inject $5 trillion into global economy in fight against coronavirus
Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic.”
Showing more unity than at any time since the G20 was created during the 2008-2009 financial crisis, the leaders said they committed during a videoconference summit to implement and fund all necessary health measures needed to stop the virus’ spread.
But it stopped well short of calling for an end to export bans that many countries have enacted on medical supplies, with the G20 leaders saying their responses should be coordinated to avoid “unnecessary interference.”
· Mainland China reported its first locally transmitted coronavirus case in three days and 54 new imported cases, as Beijing ordered airlines to sharply cut international flights, for fear travellers could reignite the coronavirus outbreak.
Thursday’s 55 new cases were down from 67 a day earlier, the National Health Commission said in a statement on Friday, taking the tally of infections to 81,340, as five new deaths raised the toll to 3,292.
· President Donald Trump will hear recommendations from the White House coronavirus task force this weekend on plans to “open the country up” as the economy continues to strain under the pandemic.
The new guidance on how to kickstart the economy will come days after the number of confirmed COVID-19 cases in the U.S. surpasses China or Italy, making it the country with the largest outbreak in the world.
· U.S. President Donald Trump said on Friday he spoke with his Chinese counterpart Xi Jinping and discussed “in great detail” the coronavirus pandemic, which has so far killed more than 24,000 people globally.
“China has been through much & has developed a strong understanding of the virus,” Trump said on Twitter. “We are working closely together.”
Chinese state television also reported on Friday that the two heads of state spoke via telephone but did not immediately disclose details about what was discussed during the call.
· U.S. President Donald Trump said on Thursday that he would not cancel the Republican National Convention in August in Charlotte, North Carolina, because of the coronavirus.
· Chinese President Xi Jinping called on leaders from the Group of 20 nations for greater international coordination of macroeconomic policy to restore confidence in global growth in face of the impact of the coronavirus.
In his speech, Xi said called on member nations to cut tariffs, remove barriers and support smooth flow of trade. He also called for better coordination of financial regulation to keep global financial markets stable, and efforts to keep global supply chains stable.
· Canada on Thursday slammed a U.S. proposal to deploy troops along their undefended border to help fight the spread of the coronavirus, saying the idea was unnecessary and would damage relations.
· Singapore has announced stiff fines and jail for those who do not observe social distancing measures put in place to contain the coronavirus outbreak.
According to a press release from the Ministry of Health on Thursday, people who do not observe physical distancing of one meter in “non-transient” interactions can be fined up to 10,000 Singapore dollars ($6,985) or be jailed up to six months, or face both penalties.
· The dollar was on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus measures around the world, including a $2.2 trillion U.S. package, helped temper a rout in global markets triggered by the coronavirus pandemic.
The dollar fell more than 1% to 108.35 yen, due largely to Japanese repatriating funds ahead of their fiscal year end on March, after having shed 1.44% overnight. The euro also stayed firm at $1.1041 after a jump of 1.40% on Thursday.
The biggest mover among major currencies was sterling, which rose 2.8% overnight before giving up part of that gain in early Asian trade. The British pound last stood at $1.2183.
· “Until last week, we had been fussing over the difference of tens of thousands in this data. What we can say now is, basically markets have factored in the fact that the economy will be hit hard,” said Kazushige Kaida, head of foreign exchange at State Street Bank.
“It helped that the U.S. Senate has passed the stimulus bills. There appears to be no repeat of the nightmare during the previous crisis,” he said.
The unprecedented $2.2 trillion stimulus was expected to be approved by the U.S. House of Representatives on Friday, or on Saturday.
· The dollar’s index against six other major currencies edged down after having lost 1.5% on Thursday, its biggest daily fall in almost four years.
So far this week it is down 3.1%. If sustained by the end of U.S. trade, that would mark the biggest weekly decline since 2009, underscoring the currency market’s extreme volatility after last week racking up its biggest weekly gain since the global financial crisis more than a decade ago.
· Profits at China’s industrial firms slumped in the first two months of the year to their lowest in at least a decade, with the mining, manufacturing and power sectors all seeing sharp falls, as a virus epidemic battered China’s economy.
Profits earned by Chinese industrial firms in the first two months dropped 38.3% from a year earlier to 410.7 billion yuan ($58.15 billion), worsening from a 6.3% fall seen in December last year, the National Bureau of Statistics (NBS) data showed. It marked the steepest decline in data going back to 2010.
The reading combines the results for January and February to exclude distortions caused by the week-long Lunar New Year.
· Japan’s factory output likely slowed in February and retail sales dropped for a fifth straight month, a Reuters poll showed on Friday, as the coronavirus outbreak took an increasing toll on businesses and consumers.
· Oil prices rose on Friday as governments around the world pledged a huge injection of funds and other measures to limit the economic fallout from the coronavirus pandemic, despite fears the outbreak will destroy demand for oil.
Brent crude was up 22 cents, or 0.8%, at $26.56 a barrel by 0415 GMT. U.S. crude was up 42 cents, or 1.9%, at $23.02.
Reference: Reuters, CNBC, Worldometers
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