Shares of drugmaker Moderna Inc, fell steeply on Thursday after U.S. President Joe Biden decided against coronavirus vaccine makers owning sole intellectual property rights to their vaccines. This move has pleased the WHO and several governments worldwide but has received severe criticism from the pharmaceutical industry. U.S. President Joe Biden […]
On this page, you will find our latest news and analysis of the Coronavirus, and how it is affecting the world’s financial markets.
In January 2019, news of a SARS-like coronavirus hit the newswires. It began in the Chinese province of Wuhan and is said to have come from animals. Its symptoms include a runny nose, cough, fever, and difficulty breathing. In more severe cases, it can lead to kidney failure and death. Officially the new virus is called 2019-nCoV, and it quickly infected over 800 people in less than two weeks. The death toll also rose from 3 to 25 in a matter of days. Countries outside of China soon began recording cases of the coronavirus from Japan, Thailand, South Korea, the US, and Australia.
To curb the spread of the disease, the Chinese government imposed a travel ban for the city of Wuhan. It was a bold move considering that Wuhan is a large city of 11 million people and is considered a significant transport hub. Soon after, eight more Chinese cities were limited from travel.
Consequently, the infection sparked public fears. It did not take long for that fear to affect financial markets. Among those adversely hit was the Hang Seng Index. The proximity of the financial hub to the epicenter took its toll on stocks in the retail, transportation, and property sectors. The Shanghai Composite Index initially benefitted from the news thanks to increased sales by pharmaceutical and mask-producing companies. However, risk aversion quickly caught on, and the Chinese stock index began trading lower.
On the other hand, safe-haven assets like gold and the Japanese yen saw increased demand as fears of the coronavirus mounted.
Crude oil prices took a downside hit this Friday and look set to register the steepest drop for April 2021, as India’s coronavirus situation takes a turn for the worse. With crematoriums packed full and the country hit with a shortage of bed spaces and medical oxygen, the situation in […]
The Dow Jones Industrial Average took a huge tumble on Monday, as the deal struck on Sunday to pass a huge coronavirus stimulus package was overshadowed by the emergence of a new coronavirus strain in the UK. For months, investors on the Dow Jones and other US exchanges had waited […]
Crude oil prices on the Brent crude benchmark has fallen 4.13% on Monday, as risky assets were sold off this Monday on the discovery of a new strain of the coronavirus in the UK. The situation has created worries about the demand outlook for crude oil prices heading into 2021, with […]
According to a developing story monitored over the newswires, the European Medicines Agency (EMA) could approve the Pfizer/BioNTech coronavirus vaccine for emergency use on Monday, following the detection of a new, highly contagious strain of the coronavirus in the UK. Several EU countries have banned all flights from the UK […]
The recent surge in crude oil price has many starting to believe that the black gold may have turned a corner this year. 2020 has been a rough year as the coronavirus pandemic blew away demand and consigned sellers to stare at their overflowing oil vats in disbelief. But the...
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Despite robust macroeconomic data from the US, the S&P 500 has eroded its initial rally posted at the open of the markets this Monday. This move was somewhat surprising, given the optimism surrounding the possibility of coronavirus vaccines being deployed as early as December. However, the indecision of the S&P […]
The Dow Jones Industrial Average looks set to arrest last week’s 4-day slump on the index with a bullish start to the week, buoyed by the renewed optimism from possible coronavirus vaccine approvals and upbeat macroeconomic data. The US Flash Manufacturing PMI, published by Markit, indicates that private sector business […]
Global stocks have started the week on a positive note as traders bet on a swift vaccination process. In Europe, DAX index and FTSE 100 futures have risen by 0.90% and 0.75% while in the United States, the Dow Jones and Nasdaq 100 futures are up by more than 0.50% […]