Financial markets had their worst day in 30 years despite emergency
action by global central banks to try to prevent a recession, with
U.S. stock markets falling 12% to 13%, wiping out trillions of
dollars in market value.
Just a month ago, financial markets were hitting record highs on the
assumption the outbreak would largely be contained in China and not
cause disruptions beyond what was seen with earlier viral outbreaks
of Ebola, SARS and MERS. There have now been more cases and more
deaths outside mainland China than inside, with 180,000 cases
worldwide and over 7,000 deaths. Tracking the spread https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html
Canada, Chile and other countries closed their borders to visitors.
Peru deployed masked military personnel to block major roads, while
Ireland launched a campaign to recruit more healthcare workers.
Airlines slashed flights, shed jobs and asked governments for
billions of dollars in loans and grants.
![](http://archives.lincolndailynews.com/2020/Mar/17/images/ads/current/christian_village_sda_031616.png)
In contrast to much of the world, Mexico and Brazil still held large
political rallies and the United Kingdom kept its schools open.
GRAPHIC: Track the spread of coronavirus - https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html
'INVISIBLE ENEMY'
U.S. states pleaded with the Trump administration on Monday to
coordinate a national response to the outbreak, saying patchwork
measures enacted by state and local authorities were insufficient to
confront the coast-to-coast emergency that has killed at least 74
Americans.
A few hours later, President Donald Trump urged Americans to halt
most social activities for 15 days and not congregate in groups
larger than 10 people in a newly aggressive effort to reduce the
spread of the coronavirus.
Calling the highly contagious virus an "invisible enemy," Trump said
the worst of the outbreak could be over by July, August or later and
warned a recession was possible.
However, the United States was not yet closing its borders or
mandating curfews or business closures on a national scale.
Many states and cities had already taken those steps or were
preparing to. San Francisco area residents will be urged to shelter
in place for three weeks starting on Tuesday, the San Francisco
Chronicle reported.
A White House adviser said the United States could pump $800 billion
or more into the economy to minimize economic damage.
EU finance ministers were planning a coordinated economic response
to the virus, which the European Commission says could push the
European Union into recession.
'TEST, TEST, TEST'
The World Health Organization (WHO) called on all countries on
Monday to ramp up testing programs as the best way to slow the
advance of the pandemic.
[to top of second column] |
![](http://archives.lincolndailynews.com/2020/Mar/17/images/ads/current/ccaonline_lda050208.png)
"We have a simple message to all countries - test, test, test," WHO Director
General Tedros Adhanom Ghebreyesus told a news conference in Geneva. "All
countries should be able to test all suspected cases. They cannot fight this
pandemic blindfolded."
In Italy, another 349 people died on Monday, taking the total to 2,158, with
nearly 28,000 cases, after 368 deaths were reported on Sunday, a daily toll more
dire than even China was reporting at the peak of the outbreak.
"Many children think it is scary," Norwegian Prime Minister Erna Solberg told a
news conference dedicated to answering children's questions about the pandemic.
"It is OK to be scared when so many things happen at the same time," Solberg
said.
Several countries banned mass gatherings such as sports, cultural and religious
events to combat the fast-spreading respiratory disease that has infected nearly
179,000 people globally and killed more than 7,000.
Spain and France, where cases and fatalities have begun surging at a pace just
days behind that of Italy, imposed severe lockdowns over the weekend.
The Middle East business and travel hub of Dubai said it was closing all bars
and lounges until the end of March. Thailand plans to close schools, bars, movie
theaters and popular cockfighting arenas.
Public health experts in the United States and elsewhere are hoping the measures
will help spread out the number of new cases over time so as not to overwhelm
hospitals and healthcare systems as has happened in Italy.
Italy's Prime Minister Giuseppe Conte told daily Corriere della Sera that the
outbreak was still getting worse, though the governor of Lombardy, the northern
region that has suffered the worst, said he saw the first signs of a slowdown.
The International Olympic Committee will hold talks with heads of international
sports organizations on Tuesday, a source close to a federation briefed on the
issue said, amid doubts the Tokyo 2020 Olympics set to start on July 24 can
proceed.
![](http://archives.lincolndailynews.com/2020/Mar/17/images/ads/current/pestcontrol_bch_termites.png)
(Reporting by Doina Choicu in Washington and Guy Faulconbridge in London;
Additional reporting by Leela de Krester and Maria Caspani in New York; Jeff
Mason, Lindsay Dunsmuir, Nandita Bose, Howard Schneider and Ann Saphir in
Washington; Kate Holton in London; Jan Strupczewski and Francesco Guarascio in
Brussels; Francesca Landini and Elvira Pollina in Milan; John Revill in Zurich;
Emma Farge in Lausanne; Kevin Yao in Beijing; Jaime Freed in Sydney; Gwladys
Fouche in Oslo; Kay Johnson in Bangkok and Tracy; Rucinski in Chicago; Writing
by Raju Gopalakrishnan, Nick Macfie and Lisa Shumaker; Editing by Peter Graff
and Bill Berkrot)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |