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 Closing U.S. borders to Europe
After being criticized for his government's response to the
coronavirus outbreak, U.S. President Donald Trump pulled out all the
stops on Wednesday with a month-long travel restriction to the
United States from Europe. This order does not apply to Britain or
to Americans undergoing "appropriate screenings," Trump said.
The move added to the panic and confusion, not least among those who
now have to reconsider travel plans. Flights from Europe can operate
to a limited number of U.S. airports with enhanced screening, but
only U.S. citizens, permanent residents and immediate family members
will be allowed in, severely denting the passenger base and hurting
the U.S. tourism industry.
The news hit financial markets hard, with stocks diving and oil
slumping, as investors were disappointed by the lack of broad
measures to offset a likely fall in consumption.
No pressure, Lagarde
After moves by the U.S. Federal Reserve and Bank of England,
Christine Lagarde faces her biggest test as European Central Bank
president today and she doesn’t have much of an arsenal to throw at
the coronavirus crisis. Expectations are high for a range of
measures – more cheap loans for banks to pass on to small companies,
a rate cut and perhaps even a step-up in the bank's stimulus
program.
But Lagarde, who has encouraged ECB staff to work from home if they
wish to, will also stress that it is up to governments to react to
the pandemic and they should use leeway in their budgets, a more
powerful weapon than whatever the ECB can offer. She has told EU
leaders inaction could lead to calamity on a par with the global
financial crisis.
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The spread
There are now more than 126,000 cases of coronavirus globally, after the World
Health Organization called the outbreak a pandemic for the first time on
Wednesday, and more than 4,600 have died, according to a Reuters tally at 0200
GMT on Thursday. Almost 7,000 cases were reported in the past day, far
surpassing the average daily number reported in China during the virus' initial
peak.
[For an interactive graphic of the spread, open https://tmsnrt.rs/3aIRuz7 in an
external browser.]
Italy saw the sharpest increase in cases, with over 2,300 in 24 hours,
accounting for a third of all new cases in the past day. A total of 196 people
died in Italy over the last 24 hours, the largest rise in absolute numbers since
the contagion came to light on Feb. 21.
China had eight new coronavirus infections in Hubei province, the first time the
epicenter of the pandemic recorded a daily tally in single digits. More
businesses reopened as authorities cautiously eased containment measures.
German Chancellor Angela Merkel was criticized for being alarmist when she said
the new coronavirus was likely to infect up to 70% of Germans.
(Compiled by Karishma Singh and Mark John; Editing by Janet Lawrence)
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