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Asian Markets Seesaw, Bonds Rise as Coronavirus Fears Linger Asian Markets Seesaw, Bonds Rise as Coronavirus Fears Linger
(17 days later)
Stocks rose in Asia on Monday morning as investors made bets that the world’s governments and central banks would step in to help a global economy slammed by the coronavirus outbreak.Stocks rose in Asia on Monday morning as investors made bets that the world’s governments and central banks would step in to help a global economy slammed by the coronavirus outbreak.
But U.S. Treasury prices rose, driving yields lower, in a sign of growing worry in the financial world.But U.S. Treasury prices rose, driving yields lower, in a sign of growing worry in the financial world.
After opening lower, Japanese stocks rebounded, and the Nikkei 225 index was up about 0.6 percent. The rise came after the Bank of Japan, the country’s central bank, said it “will strive to provide ample liquidity and ensure stability in financial markets through appropriate market operations and asset purchases.” It did not announce any specific moves.After opening lower, Japanese stocks rebounded, and the Nikkei 225 index was up about 0.6 percent. The rise came after the Bank of Japan, the country’s central bank, said it “will strive to provide ample liquidity and ensure stability in financial markets through appropriate market operations and asset purchases.” It did not announce any specific moves.
Hong Kong shares also rebounded and were trading about 0.8 percent higher. Shares in Shanghai, a market that often gets support from state-linked investment vehicles, was up 1.7 percent.Hong Kong shares also rebounded and were trading about 0.8 percent higher. Shares in Shanghai, a market that often gets support from state-linked investment vehicles, was up 1.7 percent.
Futures markets indicated investors expect Wall Street and several European markets to open higher later on Monday.Futures markets indicated investors expect Wall Street and several European markets to open higher later on Monday.
The bond market continued to reflect pessimism, however. Yields on the 10-year U.S. Treasury bond fell to 1.08 percent, edging closer to the psychologically important 1 percent threshold. The drop, driven by rising bond prices, suggests investors are still looking for safe places to park their money.The bond market continued to reflect pessimism, however. Yields on the 10-year U.S. Treasury bond fell to 1.08 percent, edging closer to the psychologically important 1 percent threshold. The drop, driven by rising bond prices, suggests investors are still looking for safe places to park their money.
They are also pricing in bets that the U.S. Federal Reserve will cut interest rates to support the economy.They are also pricing in bets that the U.S. Federal Reserve will cut interest rates to support the economy.
Stocks tumbled for a seventh consecutive day on Friday, with the S&P 500 index falling about 0.8 percent, bringing its loss for the week to about 11.5 percent. It was the worst weekly decline for stocks since the 2008 financial crisis. In early October that year, the S&P 500 fell about 18 percent.Stocks tumbled for a seventh consecutive day on Friday, with the S&P 500 index falling about 0.8 percent, bringing its loss for the week to about 11.5 percent. It was the worst weekly decline for stocks since the 2008 financial crisis. In early October that year, the S&P 500 fell about 18 percent.
The Dow Jones industrial average fell more than 1 percent on Friday.The Dow Jones industrial average fell more than 1 percent on Friday.
The sell-off was fueled mostly by worry that measures to contain the virus would hamper corporate profits and economic growth, and fears that the outbreak could get worse. The selling has in a matter of days dragged stock benchmarks around the world into a correction — a drop of 10 percent or more that is taken as a measure of extreme pessimism.The sell-off was fueled mostly by worry that measures to contain the virus would hamper corporate profits and economic growth, and fears that the outbreak could get worse. The selling has in a matter of days dragged stock benchmarks around the world into a correction — a drop of 10 percent or more that is taken as a measure of extreme pessimism.
In Europe, Britain’s FTSE 100 fell more than 3 percent and the Dax in Germany fell more than 4 percent. In Asia, the Nikkei 225 in Japan closed down 3.7 percent, the KOSPI in South Korea dropped 3.3 percent, and the Shanghai Composite in China dropped 3.7 percent.In Europe, Britain’s FTSE 100 fell more than 3 percent and the Dax in Germany fell more than 4 percent. In Asia, the Nikkei 225 in Japan closed down 3.7 percent, the KOSPI in South Korea dropped 3.3 percent, and the Shanghai Composite in China dropped 3.7 percent.
Here’s how the major indexes around the world fared this week:Here’s how the major indexes around the world fared this week:
S&P 500 in United States: ⬇️ 11%S&P 500 in United States: ⬇️ 11%
Dow Jones in United States: ⬇️ 12%Dow Jones in United States: ⬇️ 12%
FTSE 100 in Britain: ⬇️ 11%FTSE 100 in Britain: ⬇️ 11%
DAX in Germany: ⬇️ 12%DAX in Germany: ⬇️ 12%
KOSPI in South Korea: ⬇️ 8%KOSPI in South Korea: ⬇️ 8%
Hang Seng Index in Hong Kong: ⬇️ 4%Hang Seng Index in Hong Kong: ⬇️ 4%
Nikkei 225 in Japan: ⬇️10%Nikkei 225 in Japan: ⬇️10%
The Federal Reserve chair, Jerome H. Powell, moved to soothe investors on Friday, issuing a statement reaffirming that the central bank will use its tools and “act as appropriate to support the economy.”The Federal Reserve chair, Jerome H. Powell, moved to soothe investors on Friday, issuing a statement reaffirming that the central bank will use its tools and “act as appropriate to support the economy.”
While Mr. Powell said the “fundamentals of the U.S. economy remain strong,” he also noted that “the coronavirus poses evolving risks to economic activity” and said the Fed “is closely monitoring developments and their implications for the economic outlook.”While Mr. Powell said the “fundamentals of the U.S. economy remain strong,” he also noted that “the coronavirus poses evolving risks to economic activity” and said the Fed “is closely monitoring developments and their implications for the economic outlook.”
The chair’s fellow officials had earlier signaled a willingness to cut interest rates if the coronavirus outbreak worsens, laying out a scenario in which the central bank might respond as infections and quarantines spread globally.The chair’s fellow officials had earlier signaled a willingness to cut interest rates if the coronavirus outbreak worsens, laying out a scenario in which the central bank might respond as infections and quarantines spread globally.
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Scott Minerd, chief investment officer of Guggenheim Investments, said that officials at the Federal Reserve Bank of New York had reached out on Thursday to ask whether he was seeing any signs of pressure or deterioration in funding markets, which are critical to Wall Street’s functioning.Scott Minerd, chief investment officer of Guggenheim Investments, said that officials at the Federal Reserve Bank of New York had reached out on Thursday to ask whether he was seeing any signs of pressure or deterioration in funding markets, which are critical to Wall Street’s functioning.
While he did not see funding problems as of yet, Mr. Minerd said that the Fed may have to pressure banks to continue to provide financing or encourage use of the discount window if the situation worsens.While he did not see funding problems as of yet, Mr. Minerd said that the Fed may have to pressure banks to continue to provide financing or encourage use of the discount window if the situation worsens.
He said the U.S. economy would likely be tipped into a recession and stocks prices could fall by another 20 to 30 percent if the outbreak becomes a pandemic.He said the U.S. economy would likely be tipped into a recession and stocks prices could fall by another 20 to 30 percent if the outbreak becomes a pandemic.
One of the most prominent annual events for the video game industry, the Game Developers Conference, was postponed late Friday after giant exhibitors like Facebook, Microsoft and Sony said they would not participate because of concerns over the coronavirus outbreak.One of the most prominent annual events for the video game industry, the Game Developers Conference, was postponed late Friday after giant exhibitors like Facebook, Microsoft and Sony said they would not participate because of concerns over the coronavirus outbreak.
The organizers of the event, which was scheduled to begin March 16 in San Francisco, said in a statement that they were “upset and disappointed” but had made the decision “after close consultation with our partners.”The organizers of the event, which was scheduled to begin March 16 in San Francisco, said in a statement that they were “upset and disappointed” but had made the decision “after close consultation with our partners.”
Organizers said they planned to host an event this summer, but provided no details. Refunds for passes — $249 for a basic one and $2,399 for the all-access variety — will be issued.Organizers said they planned to host an event this summer, but provided no details. Refunds for passes — $249 for a basic one and $2,399 for the all-access variety — will be issued.
Over the past week, several major technology companies said they would forgo this year’s conference. Facebook, for instance, said on Feb. 20 that it would not set up a booth and would advise its employees to avoid attending because of “the evolving public health risks.” Video game developers like Activision Blizzard and Epic Games had also canceled their plans to attend.Over the past week, several major technology companies said they would forgo this year’s conference. Facebook, for instance, said on Feb. 20 that it would not set up a booth and would advise its employees to avoid attending because of “the evolving public health risks.” Video game developers like Activision Blizzard and Epic Games had also canceled their plans to attend.
The next stop on the gaming event calendar is the Electronic Entertainment Expo, known as E3, which is scheduled to begin June 9 in Los Angeles. The Entertainment Software Association, which organizes E3, said in a statement that it was “watching the situation” but that, for the moment, “we are moving full speed ahead.”The next stop on the gaming event calendar is the Electronic Entertainment Expo, known as E3, which is scheduled to begin June 9 in Los Angeles. The Entertainment Software Association, which organizes E3, said in a statement that it was “watching the situation” but that, for the moment, “we are moving full speed ahead.”
Manufacturers across China have endured long and unexpected shutdowns since late January because of a coronavirus epidemic. Many factories are still closed. Overseas buyers have stopped coming.Manufacturers across China have endured long and unexpected shutdowns since late January because of a coronavirus epidemic. Many factories are still closed. Overseas buyers have stopped coming.
Even allowing for that, the country’s first official survey of manufacturing purchasing managers since the epidemic began shows that sentiment is utterly dismal and much worse than expectations.Even allowing for that, the country’s first official survey of manufacturing purchasing managers since the epidemic began shows that sentiment is utterly dismal and much worse than expectations.
China’s National Bureau of Statistics released the survey on Saturday morning, and it showed a score of just 35.7 for manufacturers. Any score below 50 shows that they see the manufacturing economy in decline. A reading above 50 indicates expansion. The score in January was exactly 50, or neutral.China’s National Bureau of Statistics released the survey on Saturday morning, and it showed a score of just 35.7 for manufacturers. Any score below 50 shows that they see the manufacturing economy in decline. A reading above 50 indicates expansion. The score in January was exactly 50, or neutral.
In a Reuters survey of 25 economists this week, the median forecast for the index was a much more robust 46. Goldman Sachs had been among the most pessimistic, but even the economists there overestimated sentiment, predicting it would come in at 38.In a Reuters survey of 25 economists this week, the median forecast for the index was a much more robust 46. Goldman Sachs had been among the most pessimistic, but even the economists there overestimated sentiment, predicting it would come in at 38.
Among categories measured by the index, the worst showings were for production, 27.8, and new export orders, 28.7.Among categories measured by the index, the worst showings were for production, 27.8, and new export orders, 28.7.
The previous lowest mark for purchasing managers was during the global financial crisis, when the index plummeted to 38.8 in November 2008. It rebounded above 50 by the next March as the Chinese government spent heavily on new high-speed rail lines, highways and other big-ticket projects.The previous lowest mark for purchasing managers was during the global financial crisis, when the index plummeted to 38.8 in November 2008. It rebounded above 50 by the next March as the Chinese government spent heavily on new high-speed rail lines, highways and other big-ticket projects.
The National Bureau included an obligatory statement that the Communist Party would lead a quick recovery. “With the Party Central Committee and the State Council coordinating the prevention and control of the epidemic and economic and social development, the current rate of resumption of business recovery is fast, and production and operation activities are recovering in an orderly way,” the bureau said.The National Bureau included an obligatory statement that the Communist Party would lead a quick recovery. “With the Party Central Committee and the State Council coordinating the prevention and control of the epidemic and economic and social development, the current rate of resumption of business recovery is fast, and production and operation activities are recovering in an orderly way,” the bureau said.
The National Bureau also began releasing at the start of 2017 a much broader purchasing managing index. Because that index has never measured a sharp economic slowdown before, its previous low was 52, set in October.The National Bureau also began releasing at the start of 2017 a much broader purchasing managing index. Because that index has never measured a sharp economic slowdown before, its previous low was 52, set in October.
February’s score on the broader index was just 28.9, down from 53 in January.February’s score on the broader index was just 28.9, down from 53 in January.
Other measures of the overall health of financial markets and corporate America are beginning to show signs of strain.Other measures of the overall health of financial markets and corporate America are beginning to show signs of strain.
The most profound signal about the future of the global economy is that interest rates are plunging to record lows. The yield on the benchmark 10-year United States Treasury bonds fell to about 1.15 percent on Friday, down from 1.9 percent at the start of the year and 2.7 percent one year ago.The most profound signal about the future of the global economy is that interest rates are plunging to record lows. The yield on the benchmark 10-year United States Treasury bonds fell to about 1.15 percent on Friday, down from 1.9 percent at the start of the year and 2.7 percent one year ago.
Wall Street is also skittish about risky debt. The biggest United States junk-bond fund — iShares iBoxx High-Yield Corporate Bond Exchange Traded Fund, which tracks an index of dollar-denominated risky corporate debt — has plunged by about 4 percent since Feb. 20, data Friday morning showed. The index posted a record outflow on Tuesday as spooked investors pulled nearly $1.6 billion out of the market.Wall Street is also skittish about risky debt. The biggest United States junk-bond fund — iShares iBoxx High-Yield Corporate Bond Exchange Traded Fund, which tracks an index of dollar-denominated risky corporate debt — has plunged by about 4 percent since Feb. 20, data Friday morning showed. The index posted a record outflow on Tuesday as spooked investors pulled nearly $1.6 billion out of the market.
High-yield debt, which is extended to companies viewed as more likely to fall short on payments, is usually the first to go bad if companies run into trouble. If coronavirus makes credit hard to come by and causes cash flows to dry up, for example, firms that are highly leveraged with shaky prospects could fall behind.High-yield debt, which is extended to companies viewed as more likely to fall short on payments, is usually the first to go bad if companies run into trouble. If coronavirus makes credit hard to come by and causes cash flows to dry up, for example, firms that are highly leveraged with shaky prospects could fall behind.
That means some relief at the pump for motorists this weekend. The national average price of regular gasoline has dropped two cents in the last week, to $2.45 a gallon, according to AAA. One half of that drop came from Thursday to Friday, suggesting the price decline is accelerating.That means some relief at the pump for motorists this weekend. The national average price of regular gasoline has dropped two cents in the last week, to $2.45 a gallon, according to AAA. One half of that drop came from Thursday to Friday, suggesting the price decline is accelerating.
The nation has 256.4 million barrels of gasoline in stock, 1.4 million barrels more than last year. But the big drop in global oil prices is a much more important factor. At about $45 a barrel, the American benchmark oil price is at its lowest level since December 2018.The nation has 256.4 million barrels of gasoline in stock, 1.4 million barrels more than last year. But the big drop in global oil prices is a much more important factor. At about $45 a barrel, the American benchmark oil price is at its lowest level since December 2018.
Oil producers are nervous since the break-even price for many wells in U.S. shale fields is about $45. So far, though, energy executives in West Texas report that they have made no major changes to drilling activities because of the coronavirus outbreak and its economic fallout. Officials also say they have experienced no disruptions in supplies of materials and equipment.Oil producers are nervous since the break-even price for many wells in U.S. shale fields is about $45. So far, though, energy executives in West Texas report that they have made no major changes to drilling activities because of the coronavirus outbreak and its economic fallout. Officials also say they have experienced no disruptions in supplies of materials and equipment.
CBS said on Friday that the studio has shut down the 33rd season of the competition reality show “The Amazing Race” because of concerns over the spread of coronavirus.CBS said on Friday that the studio has shut down the 33rd season of the competition reality show “The Amazing Race” because of concerns over the spread of coronavirus.
The new season, which started production Feb. 22, had filmed three episodes in England and Scotland. When Italy, Austria and other parts of Europe started reporting cases of the virus, the producers decided to shut it down. No new start date has been determined.The new season, which started production Feb. 22, had filmed three episodes in England and Scotland. When Italy, Austria and other parts of Europe started reporting cases of the virus, the producers decided to shut it down. No new start date has been determined.
“At this time, no racers or anyone on the production team traveling with them have contracted the virus, or shown symptoms, and we are not aware of anyone being exposed to it,” a CBS spokesman said in a statement.“At this time, no racers or anyone on the production team traveling with them have contracted the virus, or shown symptoms, and we are not aware of anyone being exposed to it,” a CBS spokesman said in a statement.
The shutdown coincided with growing fears about international production and distribution in the entertainment business. Paramount Pictures’ “Mission Impossible VII” halted a planned three-week shoot in Venice earlier this week. The studio is already grappling with its inability to open its domestic hit “Sonic the Hedgehog” in China, after the country closed its theaters last month. The animated film was scheduled to open in the country on Friday.The shutdown coincided with growing fears about international production and distribution in the entertainment business. Paramount Pictures’ “Mission Impossible VII” halted a planned three-week shoot in Venice earlier this week. The studio is already grappling with its inability to open its domestic hit “Sonic the Hedgehog” in China, after the country closed its theaters last month. The animated film was scheduled to open in the country on Friday.
Universal Pictures canceled its Asian press tour for the new James Bond movie, “No Time to Die,” but the film is still scheduled to open worldwide April 10.Universal Pictures canceled its Asian press tour for the new James Bond movie, “No Time to Die,” but the film is still scheduled to open worldwide April 10.
Tim Cook, chief executive of Apple, sounded a more positive note than many.Tim Cook, chief executive of Apple, sounded a more positive note than many.
“It feels to me that China is getting the coronavirus under control. You look at the numbers coming down day by day by day, so I’m very optimistic there,” he told Fox Business on Thursday.“It feels to me that China is getting the coronavirus under control. You look at the numbers coming down day by day by day, so I’m very optimistic there,” he told Fox Business on Thursday.
Apple is among the most exposed American companies in China. It assembles nearly all of its products there and relies on the region for a fifth of its sales. Falling sales in China and delays in reopening its suppliers’ factories caused Apple to revise its revenue guidance earlier this month.Apple is among the most exposed American companies in China. It assembles nearly all of its products there and relies on the region for a fifth of its sales. Falling sales in China and delays in reopening its suppliers’ factories caused Apple to revise its revenue guidance earlier this month.
But Mr. Cook said the situation is improving and Apple has reopened more than 80 percent of its 42 stores in China.But Mr. Cook said the situation is improving and Apple has reopened more than 80 percent of its 42 stores in China.
“The factories are working through the conditions to open,” he said.“The factories are working through the conditions to open,” he said.
Forecasters have cut their estimates of economic growth in the United States and around the world this year out of fear of effects from the coronavirus.Forecasters have cut their estimates of economic growth in the United States and around the world this year out of fear of effects from the coronavirus.
The projections vary widely, because economists are struggling to predict the spread of the virus and the resulting damage to growth. Bank of America researchers reduced their forecast for 2020 growth in the United States by 0.1 percent on Friday, to 1.6 percent overall, in a note titled “Gloom but not doom.” Goldman Sachs researchers also have marked down their forecast by 0.1 percent — with growth lagging in the first half of the year, then rebounding — but they said in a note this week that “the risks are clearly skewed to the downside until the outbreak is contained.”The projections vary widely, because economists are struggling to predict the spread of the virus and the resulting damage to growth. Bank of America researchers reduced their forecast for 2020 growth in the United States by 0.1 percent on Friday, to 1.6 percent overall, in a note titled “Gloom but not doom.” Goldman Sachs researchers also have marked down their forecast by 0.1 percent — with growth lagging in the first half of the year, then rebounding — but they said in a note this week that “the risks are clearly skewed to the downside until the outbreak is contained.”
Many researchers expect the Federal Reserve to quickly — and possibly deeply — cut interest rates in the face of worsening coronavirus news and market sell-offs. But researchers at Nomura warned on Friday that “there is little that monetary policy can do to limit the immediate downside risk for the U.S. economy.”Many researchers expect the Federal Reserve to quickly — and possibly deeply — cut interest rates in the face of worsening coronavirus news and market sell-offs. But researchers at Nomura warned on Friday that “there is little that monetary policy can do to limit the immediate downside risk for the U.S. economy.”
In early January, when Constellation Brands announced a $40 million marketing campaign for its new Corona Hard Seltzer, coronavirus had not yet been tied to any deaths.In early January, when Constellation Brands announced a $40 million marketing campaign for its new Corona Hard Seltzer, coronavirus had not yet been tied to any deaths.
Now Corona beer is suffering from the similarity between its name and the coronavirus (so called because the spikes on its surface recall a crown, or corona in Latin). Google searches linking “beer,” “Corona” and “virus” surged as reports of infections increased. In the past month, 61 percent of Twitter posts mentioning Corona beer included discussion of coronavirus, according to Sprout Social, a social media management company.Now Corona beer is suffering from the similarity between its name and the coronavirus (so called because the spikes on its surface recall a crown, or corona in Latin). Google searches linking “beer,” “Corona” and “virus” surged as reports of infections increased. In the past month, 61 percent of Twitter posts mentioning Corona beer included discussion of coronavirus, according to Sprout Social, a social media management company.
Constellation Brands’ shares are down more than 18 percent this week.Constellation Brands’ shares are down more than 18 percent this week.
Maggie Bowman, a spokeswoman for Corona, said in a statement that “there’s a good amount of misinformation out there,” adding that sales remain strong and “consumers, by and large, understand there’s no linkage between the virus and our business.”Maggie Bowman, a spokeswoman for Corona, said in a statement that “there’s a good amount of misinformation out there,” adding that sales remain strong and “consumers, by and large, understand there’s no linkage between the virus and our business.”
On Amazon, popular brands like Purell, Germ-X and even Amazon’s own private-label Solimo were largely unavailable on Friday. What was available was coming from third-party sellers at what appears to be higher prices. For instance, a pack of two 12-fluid-ounce bottles of Purell was being offered on Friday morning by a third-party seller for as much as $49.99.On Amazon, popular brands like Purell, Germ-X and even Amazon’s own private-label Solimo were largely unavailable on Friday. What was available was coming from third-party sellers at what appears to be higher prices. For instance, a pack of two 12-fluid-ounce bottles of Purell was being offered on Friday morning by a third-party seller for as much as $49.99.
Amazon did not respond to a request for comment.Amazon did not respond to a request for comment.
Late Thursday, a spokeswoman for GoJo Industries, a small company based in Akron, Ohio, that claims to have invented Purell in 1988, said in an emailed statement the company had increased production significantly to meet the increased demand for Purell and other products.Late Thursday, a spokeswoman for GoJo Industries, a small company based in Akron, Ohio, that claims to have invented Purell in 1988, said in an emailed statement the company had increased production significantly to meet the increased demand for Purell and other products.
Over the past few days, companies as varied as United Airlines, Anheuser-BuschInBev, Mastercard and Pfizer have said that the outbreak poses a threat to their 2020 earnings, and the overall effect of the outbreak on global corporations could increase the chance of a broader economic slowdown, analysts say.Over the past few days, companies as varied as United Airlines, Anheuser-BuschInBev, Mastercard and Pfizer have said that the outbreak poses a threat to their 2020 earnings, and the overall effect of the outbreak on global corporations could increase the chance of a broader economic slowdown, analysts say.
Baker McKenzie, the law firm based in Chicago, shut its London office, which houses about 1,000 people, after a potential coronavirus case.Baker McKenzie, the law firm based in Chicago, shut its London office, which houses about 1,000 people, after a potential coronavirus case.
The airline group IAG, which owns British Airways and Iberia, said that it expected earnings to be weaker because of the virus, but it could not give accurate profit guidance for the year because of the uncertainty of the situation.The airline group IAG, which owns British Airways and Iberia, said that it expected earnings to be weaker because of the virus, but it could not give accurate profit guidance for the year because of the uncertainty of the situation.
The Swiss government banned all gatherings of more than 1,000 people at least until March 15, forcing cancellation of the Geneva International Motor Show.The Swiss government banned all gatherings of more than 1,000 people at least until March 15, forcing cancellation of the Geneva International Motor Show.
Facebook canceled one of its advertising events, which is attended largely by employees, and its annual F8 conference in California — one of the company’s most anticipated events where it showcases its products and plans for the future to software developers.Facebook canceled one of its advertising events, which is attended largely by employees, and its annual F8 conference in California — one of the company’s most anticipated events where it showcases its products and plans for the future to software developers.
Employees at Amazon’s worldwide operations — the company’s largest division, which runs the technology and operations for warehouses, deliveries, Prime membership and physical stores, among other things — were told that they should not travel domestically or internationally “until further notice,” according to emails viewed by The New York Times.Employees at Amazon’s worldwide operations — the company’s largest division, which runs the technology and operations for warehouses, deliveries, Prime membership and physical stores, among other things — were told that they should not travel domestically or internationally “until further notice,” according to emails viewed by The New York Times.
A drug maker told the U.S. Food and Drug Administration of the shortage of a medication, citing manufacturing problems in China. The F.D.A. declined to identify the drug and said there were alternatives for patients.A drug maker told the U.S. Food and Drug Administration of the shortage of a medication, citing manufacturing problems in China. The F.D.A. declined to identify the drug and said there were alternatives for patients.
United Airlines said it was reducing service in March and April from a handful of U.S. airports to Tokyo, Osaka, Singapore and Seoul, citing a 75 percent decline in near-term demand for the trans-Pacific flights.United Airlines said it was reducing service in March and April from a handful of U.S. airports to Tokyo, Osaka, Singapore and Seoul, citing a 75 percent decline in near-term demand for the trans-Pacific flights.
Travel bookings by American residents in the five weeks to Feb. 17 have dropped 19.3 percent, the analytics firm ForwardKeys said. The Global Business Travel Association said nearly two-thirds of members it surveyed had canceled meetings and that most companies in Asia had delayed business trips in the region.Travel bookings by American residents in the five weeks to Feb. 17 have dropped 19.3 percent, the analytics firm ForwardKeys said. The Global Business Travel Association said nearly two-thirds of members it surveyed had canceled meetings and that most companies in Asia had delayed business trips in the region.
Reporting was contributed by Amie Tsang, Matt Phillips, Jack Ewing, Keith Bradsher, Alexandra Stevenson, Alan Rappeport, Katie Thomas, Jim Tankersley, Karen Weise, Clifford Krauss, Tiffany Hsu, Niraj Chokshi, Jeanna Smialek, Ana Swanson, Nicole Sperling, Julie Creswell and Brooks Barnes.Reporting was contributed by Amie Tsang, Matt Phillips, Jack Ewing, Keith Bradsher, Alexandra Stevenson, Alan Rappeport, Katie Thomas, Jim Tankersley, Karen Weise, Clifford Krauss, Tiffany Hsu, Niraj Chokshi, Jeanna Smialek, Ana Swanson, Nicole Sperling, Julie Creswell and Brooks Barnes.