Tel Aviv Stock Exchange tumbles on global coronavirus concerns

Shares on the Tel Aviv Stock Exchange declined Monday as coronavirus fears continued to dictate global market activity. At the close, the TA-35 index fell 4.33%, and the TA-125 index dropped 4.68%.

Wide-ranging shifts in monetary policy by central banks failed to instill confidence in nervous investors.

The Israeli banking sector had large declines as the Bank of Israel ordered most branches to shut their doors to customers.

Shares in Fattal plummeted 37.06% after it announced the closure of 50 hotels in Israel and Europe.

The US Federal Reserve’s second emergency rate cut in as many weeks to blunt the economic impact of the coronavirus failed to calm fears of a prolonged recession.

The magnitude of the Fed’s rate move and other measures on Sunday, backed by global central banks, unnerved investors as the breakneck spread of the outbreak – all but shutting down some countries – outweighed the policy response to ensure liquidity in markets.

The S&P 500 plunged 13% on Monday to trigger an automatic 15-minute halt in trading on the three main US stock indexes. The halt was the fourth emergency pause on Wall Street in six days. It tumbled 8% at the opening, triggering a 15-minute halt of Wall Street’s three main indexes for the third time in six days, as traders reacted to drastic weekend measures from the Federal Reserve to stave off a global recession.

The second emergency cut in interest rates by the US central bank in a fortnight only added to the sense of panic among investors, worried that the coronavirus pandemic is paralyzing supply chains and squeezing company finances.

Chinese data underscored just how much economic damage the disease has already done to the world’s second-largest economy, with official numbers showing the worst drops in activity on record. Industrial output plunged 13.5%, and retail sales dropped 20.5%.

Supervisor of Banks Hedva Ber instructed Israeli banks to reduce their face-to-face services to a limited number of branches across the country, seeking to strike a balance between continuity of banking services while reducing risks to public health.

At least a quarter of the bank’s branches must be designated as “core branches” where services will be provided to the public, including expanded services for customers aged over 70, while banks are recommended to implement measures to prevent

edge of the age-danger zone, I’m confident that I would survive. I’m scared for friends like Harry, who suffers from a compromised auto-immune system, and I’m scared for the elderly and infirm, who are alone, helpless and at risk.

I’m scared for society, already critically socially distanced by years of smartphones and social media. Will elbow bumps permanently replace hugs and handshakes?

I’m scared for all the people losing their livelihoods as this crisis affects virtually every work field – people like my son’s bosses, who invested hundreds of thousands of shekels into a restaurant in Tel Aviv that has been thriving since it opened three months ago. Will they be able to survive the shutdown or will it destroy their business?

I’m scared about the colleagues and friends being sent on “unpaid leaves” with no indication that the situation will improve in 30 days.

I’m scared for our country, facing this crisis without a government in place, still plunged into uncertainty over whether our leaders will put differences aside to form an emergency government and lead us through the darkness. A fourth election, held under the specter of a country in closure, is a dreaded and possible eventuality. Prime Minister Benjamin Netanyahu has acted with authority and responsibility so far, but he should not and cannot be making the decisions alone.

I’m scared that the privacy rights and civil liberties of Israelis will be violated in the efforts to contain the pandemic.

I’m scared that the world economy will take years to recover, affecting Israel’s economy and the financial security of everyone in the country.

I know that we should try to be optimistic, harness our faith in whatever deity we believe in,