49 more coronavirus deaths in Italy increase toll to 197
More than 100,300 people infected globally, says Reuters tally; outbreak has killed more than 3,400 people; business districts begin to empty, markets fall
Italy on Friday reported 49 more deaths from the new coronavirus, the highest single-day toll to date, bringing the total number of fatalities over the past two weeks to 197.
The total is the second-highest in the world after China. Italy also saw its number of COVID-19 infections grow by 778 to 4,636, the fourth highest after China, South Korea and Iran.
The Italian government has been watching closely to see if the cases are spreading from the richer north, where infections had largely been contained during the first 10 days of the epidemic.
All 22 Italian regions have now registered cases, and one new death was reported Friday in the Lazio region that includes Rome and its outskirts.
But there were no new deaths reported in the south, which recorded its first and only fatality in the southeastern region of Puglia around the city of Bari on Wednesday.
The number of people receiving intensive care grew to 462 from 351 on Thursday.
The number of people infected with coronavirus across the world surpassed 100,000 on Friday as the outbreak reached more countries and the economic damage intensified, with business districts beginning to empty and stock markets tumbling.
An increasing number of people faced a new reality as many were asked to stay home from work, schools were closed, large gatherings and events were cancelled, stores cleared of staples like toiletries and water, and face masks became a common sight.
The outbreak has killed more than 3,400 people and spread across more than 90 nations, with six countries reporting their first cases on Friday.
The virus has radiated across the United States, surfacing in at least four new states plus San Francisco.
More than 2,000 people were stranded on the Grand Princess cruise ship after it was barred from returning to port in San Francisco because at least 35 people aboard developed flu-like symptoms. Test kits were delivered at sea to the vessel.
Moves by some major economies including the United States to cut interest rates and pledge billions of dollars to fight the epidemic have done little to allay fears about the spread of the disease and the economic fallout, with supply chains crippled around the world, especially in China.
In New York, Jpmorgan divided its team between central locations and a secondary site in New Jersey while Goldman Sachs sent some traders to nearby secondary offices in Greenwich, Connecticut and Jersey City.
In London, Europe’s financial capital, the Canary Wharf district was unusually quiet. S&P Global’s large office stood empty after the company sent its 1,200 staff home, while HSBC asked around 100 people to work from home after a worker tested positive for the illness.
“There’s concern that while there has been a response from the Fed, given the nature of the problem, is this something the central bank can really help with?” said John Davies, G10 rates strategist at Standard Chartered Bank in London.
European stocks continued their slide after the Japanese market dropped to a six-month low, with 97% of shares on the Tokyo exchange’s main board in the red. Airline and travel stocks have been among the worst affected as people cancelled non-essential travel. Norwegian Air Shuttle, the hardest-hit stock among European carriers, lost more than quarter of its market value on Friday and has fallen almost 70% since the start of February.
US stock index futures dropped sharply over fears about the epidemic, which has prompted a sharp cut to global economic growth forecasts for 2020. The benchmark S&P 500 looked set to close out the week more than 10% below its record-high close on Feb. 19.
“If this really ramps up, we could see a lot more kitchen-sinking updates from the travel industry and airlines,” said Chris Beauchamp, chief market analyst at IG. “What’s impressive about the current move is it probably understates the degree of disruption we could be facing across the US and Europe.” Yields on long-dated US Treasury bonds fell to record lows, while gold was on course for its biggest weekly gain since 2011 as investors fled to assets seen as safe havens.