Tokyo
Global stock markets suffered historic falls as panic spread Friday over the spiralling coronavirus crisis that has killed nearly 5,000 and infected sport, schools and society across the planet.
The virus has affected all areas of life, sealing off entire countries, sparking draconian government measures not seen in peacetime, and forcing the cancellation of global sporting and cultural events from Broadway to basketball.
Japan’s stock market fell more than 10 percent on Friday, following the worst day on Wall Street since the crash of 1987 as traders scrambled to sell everything on fears the virus will catapult the world into a deep recession.
Markets shrugged off emergency big-bang measures by central banks in the United States and eurozone, and government fiscal stimulus packages, with fears escalating over the tightening noose on the global economy.
“In mere weeks, the market has shifted gears from a transitory health scare to a full-blown global recession,” said Stephen Innes, chief market strategist at AxiCorp.
“Global supply chains are no longer just ‘disrupted’ but are now in the process of shutting down completely.”
The human toll also continued to rise, with nearly 131,500 people infected across 116 countries and territories, and 4,925 dead, according to an AFP tally.
The virus, which first emerged in China in December, has quickly spread around the world even as cases in Asia have levelled out in recent days. China claimed “the peak” of the pandemic had passed its shores, but infections and deaths jumped dramatically in Italy, Spain and Iran, which announced 75 new deaths on Thursday.
French President Emmanuel Macron said it was “the worst health crisis in France in a century” as he ordered schools and universities closed “until further notice”—following similar moves in many other countries.
British Prime Minister Boris Johnson issued a grim warning to the public over the virus, which has predominantly killed the elderly and other people with already weakened immune systems.
“More families, many more families are going to lose loved ones before their time,” Johnson said, as he urged people with symptoms to stay at home.—AFP/APP
