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| Global Markets Tumble and Bond Yields Sink Lower: Live Updates | |
| (32 minutes later) | |
| Global stock markets fell sharply and futures pointed to another drop when Wall Street starts trading on Friday, capping a tumultuous week of highs and lows as the spread of the coronavirus continued to take a toll on investor confidence. | |
| Yields on government bonds again fell to record lows, with the yield on the 10-year U.S. Treasury note sinking below 0.8 percent for the first time, another sign that worried investors were fleeing risky assets like stocks and putting their money into low-interest but safe Treasury bonds. | |
| For many the question now is how much damage can the virus do to the global economy and its growth prospects for the year. | For many the question now is how much damage can the virus do to the global economy and its growth prospects for the year. |
| “The epidemic has already dented anemic global economic growth this year and it can be expected to slow further, then contract, as the fear of the virus takes hold,” said Nigel Green, chief executive of deVere Group, an investment firm. | “The epidemic has already dented anemic global economic growth this year and it can be expected to slow further, then contract, as the fear of the virus takes hold,” said Nigel Green, chief executive of deVere Group, an investment firm. |
| Factories in China are still struggling to get back up and running. Thousands of flights around the world have been grounded. Supply chains have been snarled, shaking some of the world’s biggest companies and forcing an untold number of workers to stay home. | Factories in China are still struggling to get back up and running. Thousands of flights around the world have been grounded. Supply chains have been snarled, shaking some of the world’s biggest companies and forcing an untold number of workers to stay home. |
| “Against this backdrop, we should prepare for a short-term but severe global recession,” Mr. Green said. | “Against this backdrop, we should prepare for a short-term but severe global recession,” Mr. Green said. |
| In London, the FTSE 100 index was down more than 3 percent on Friday. Germany’s DAX index was 3.4 percent lower, and France’s CAC 40 index fell 3.6 percent. | |
| In Tokyo, Hong Kong and Seoul, markets closed more than 2 percent lower. In the mainland Chinese markets of Shanghai and Shenzhen, markets fell about 1 percent. An index of China’s biggest companies listed in Hong Kong dropped by nearly 2 percent. | In Tokyo, Hong Kong and Seoul, markets closed more than 2 percent lower. In the mainland Chinese markets of Shanghai and Shenzhen, markets fell about 1 percent. An index of China’s biggest companies listed in Hong Kong dropped by nearly 2 percent. |
| Oil prices sank on Friday as major producers gathered for a critical meeting to try to agree on production cuts to try to manage the falling demand for crude as concerns about coronavirus spread across the globe. | |
| Brent crude fell about 4 percent, as low as $47.02 a barrel, a two-and-a-half-year low. West Texas Intermediate crude, the U.S. benchmark, was as low as $43.28 a barrel. | |
| Oil prices have fallen more than 20 percent since early January when China, a major importer of oil, started confronting the emerging coronavirus outbreak. | |
| The Organization of the Petroleum Exporting Countries and other producers, including Russia, are meeting in Vienna to try to steady the prices by reducing output beyond cuts that were already approved. | |
| On Thursday, coffee shop sales were way down. Schools were closed in one suburban area. The downtown was oddly quiet. Traffic was a breeze. | |
| The Seattle area is the first region in the United States where the authorities have issued sweeping recommendations that people stay home to slow the spread of coronavirus. | |
| In Washington State, 13 people have died of coronavirus. More than 60 other people have been treated for the virus in the state, leading state officials to declare an emergency. | |
| And in pockets all around Seattle, people were heeding the advice of officials and staying in. Microsoft, Amazon and many other top employers told their employees to work from home. | |
| A German manufacturer has effectively forbidden its employees from going on vacation in the region of Italy known as South Tyrol, a popular destination for skiers, because of coronavirus danger. | |
| Ziehl-Abegg, a maker of high-performance electric fans like those used in hospitals or factories, told employees that if they go on private trips to the region they will be required to take two weeks vacation or unpaid leave before returning to work. | |
| The company, based in the south German city of Künzelsau, said it issued the restrictions after South Tyrol and several other Italian regions were designated crisis areas by the German government agency responsible for monitoring coronavirus risk. The policy also applies to other crisis areas like Hubei province in China or Tehran. | |
| Reporting was contributed by Alexandra Stevenson, Stanley Reed, Karen Weise, Kirk Johnson and Jack Ewing. |