Coronavirus impact: Markets plunge, Oil prices tank, India bow out of shooting WC, Geneva auto show cancelled

The impact of coronavirus epidemic is more than visible the world over. Markets have plunged, oil prices tanked, India has pulled out of shooting World Cup, Geneva auto show has been cancelled

Coronavirus updates: Stock markets fall as cases spread
Coronavirus updates: Stock markets fall as cases spread

NH Web Desk

India pulls out of shooting world cup in Cyprus

India on Friday pulled out of the upcoming shooting World Cup in Cyprus, citing the novel coronovirus threat there.

The shotgun world cup, recognised by the International Shooting Sport Federation (ISSF), is scheduled to be held from March 4 to 13.

The Indian team withdrew from the tournament on the advice of the government, a National Rifle Association of India (NRAI) source told PTI.

"The coronavirus threat is the only reason we are pulling out and it has been done on the advice of central agencies," he said.

The deadly virus, which originated in Wuhan, China, has so far killed close to 3000 people and infected nearly 80,000 globally.

India is also scheduled to host a combined world cup from March 16 to 26 at the Dr Karni Singh Range.

Cyprus does not have any confirmed cases of coronavirus yet but suspected cases are being quarantined as precautionary measure.

Oil prices tank 4.0% in coronavirus-fuelled rout

Oil prices dived four per cent on Friday to trade at their lowest levels for more than a year, as the coronavirus crisis continued to spark panic over crude demand.

In morning deals, Brent oil for April delivery sank as low as USD 50.05 per barrel, while New York's WTI crude for the same month tumbled to a trough of USD 44.95.

Asian markets slammed again as virus fears cause global turmoil

Asian markets spiralled downwards Friday, extending a collapse in New York and Europe that has wiped trillions of dollars off valuations as the coronavirus spread rapidly around the world with the WHO warning the deadly epidemic was now at a "decisive point".

Tokyo, Sydney, Seoul and Bangkok all fell by more than three per cent while Jakarta was hammered more than four per cent.

The casualties have put equities around the world on course to record their worst week since the global financial crisis more than a decade ago as investors run to the hills on fears the virus will smash the global economy.

And while the panic has already caused a bloodbath on trading floors, there are warnings there could be worse to come.

The Dow suffered its worst points loss on record, shedding almost 1,200 points, while its 4.4 per cent drop marked the worst performance in two years. The S&P 500 and Nasdaq also tanked more than four per cent, with London, Frankfurt and Paris all posting losses of more than three per cent.

The VIX "fear" index is now at its highest level since 2011 during the European debt crisis.

President Donald Trump blamed the market plunge on the media coverage of the coronavirus and worries about Democrats winning the White House race.

Sensex crashes 1,448 points as global rout intensifies; metal, IT stocks tank

Continuing its downward spiral for the sixth straight session, equity benchmark Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly-spreading coronavirus.

After nosediving over 1,525 points during the day, the 30-share BSE barometer ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29.

Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

Tech Mahindra was the top laggard in the Sensex pack, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance.

According to analysts, markets are increasingly getting worried about the rapid outbreak of coronavirus across geographies and the consequent economic fallout.

Geneva auto show cancelled after virus ban

The Geneva International Motor Show, a major event on the auto industry calendar, has been cancelled after Switzerland banned large gatherings amid the new coronavirus epidemic, local authorities said Friday.

"The Geneva International Motor Show will not take place," Antonio Hodgers, head of the regional cantonal government for Geneva, said on Twitter.

200 pilgrims stopped at Kerala airport from Saudi visit

As Saudi Arabia early Thursday morning enforced a temporary ban on pilgrims coming from abroad to visit Mecca for Umrah in the wake of coronavirus scare, over 200 persons were stopped at Kozhikode airport from travelling to that country.

More than 120 pilgrims who had arrived at the airport here in the morning were stopped at the checking counter, whereas 87 were allowed to board an aircraft but later directed to deplane.

"We reached the airport around 4 am. While some were asked to alight from the aircraft after checks, others were not even allowed to check in at the counter. We do not know when the ban will be lifted," said a pilgrim.

The Umrah is a pilgrimage undertaken to Mecca by Muslims at any time of the year, in contrast to Haj that has specific dates according to the Islamic lunar calendar.

Switzerland suspends all major events to combat virus

The Swiss government on Friday said it was suspending all events in the country involving more than 1,000 participants until March 15 in a bid to stop new coronavirus contagion.

"Large-scale events involving more than 1,000 people are to be banned. The ban comes into immediate effect and will apply at least until 15 March," the government said in a statement after the country registered its ninth case.

India temporarily suspends visa on arrival for Japanese, S Korean nationals amid coronavirus fears

India has temporarily suspended visa on arrival services for nationals of Japan and South Korea in view of the surge in the number of coronavirus cases in the two countries, the Indian embassy here said on Friday.

The development comes a day after India evacuated 119 Indians and 5 foreigners who were on board the coronavirus-hit cruise ship, Diamond Princess, moored off the Japanese coast.

Out of the 3,711 people on board the ship, over 700 people tested positive for the disease. Elsewhere in the country, over 160 people have been found to be infected with the disease.

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Published: 28 Feb 2020, 4:48 PM