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Yahoo BusinessFeb 24, 2020
Oil Slides While Gold Heads to $1,700 as Virus Rocks Commodities
(Bloomberg) -- Renewed fears that the coronavirus will harm global growth rocked commodity markets again on Monday, with oil and metals prices tumbling while gold soared toward $1,700 an ounce amid a global flight to haven assets.As the deadly virus spreads more widely outside China, raising the threat of a global pandemic, finance chiefs and central bankers from the world's largest economies said they see downside risks to the world economy persisting.That's spurring fresh alarm in commodity markets that had started to recover from lows hit earlier in the month when China's virtual shutdown threw supply chains into chaos. With the International Monetary Fund cutting its global growth forecast and warning that it's also looking at more "dire" scenarios, investors are concerned that risks to raw material demand are worsening."With the volatility we're seeing in the coronavirus event, that's creating angst in the market on the back of growth and demand expectations and we've seen oil prices weaken," said David Lennox, a resource analyst at Fat Prophets in Sydney. "The converse of that is the same event is carrying investors toward a safe haven play and that's gold."Oil led the losses in Asian trade on Monday morning, tumbling more than 3% in London and New York. Until Friday, Brent crude had been in the longest run of gains in more than a year thanks to Chinese fiscal stimulus and new threats to supplies from Africa and Latin America.Industrial commodities are also getting hit hard, with copper sliding m

Yahoo BusinessFeb 23, 2020
China's Coronavirus Cases Rise to 77,150
Feb.23 -- Chinese policy makers are pledging various measures to support the economy as the total number of cases rose to more than 77,000. Bloomberg's Tom Mackenzie reports on "Bloomberg Markets."


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Coronavirus live updates: China reports additional 150 deaths, South Korea cases surge (CNBC Business)

Yahoo BusinessFeb 23, 2020
China's Property Sector Faces Cash Crunch
Feb.23 -- China's debt-laden property developers are facing a cash crunch as the coronavirus outbreak brings the real estate market to its knees. The ramification are potentially huge for the overall economy, with the property sector directly accounting for about 7% of China's GDP. Bloomberg's Katrina Nicholas reports on "Bloomberg Markets: Asia."


Google Business NewsFeb 23, 2020
Stock Futures Are Getting Hammered Because Coronavirus Is Still Spreading - Barron's
Stock Futures Are Getting Hammered Because Coronavirus Is Still Spreading  Barron'sDow set to drop more than 350 points at the open as coronavirus cases outside China surge  CNBCGlobal stocks fall as coronavirus continues to spread  CNNDow Futures Crash 520 Points as China Makes Shocking Coronavirus Confession  CCN.comU.S. stock

Yahoo BusinessFeb 23, 2020
GLOBAL MARKETS-Shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday.


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Stocks Slide as Virus Case Rise Heightens Concern: Markets Wrap (Yahoo Business)

Yahoo BusinessFeb 23, 2020
Global shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday.


Reuters BusinessFeb 23, 2020
Shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East.

Yahoo BusinessFeb 23, 2020
Korea Confirms 161 New Cases as Outbreak Spreads: Virus Update
(Bloomberg) -- China's novel coronavirus outbreak is spreading further in countries outside of Asia, raising concerns about the prospect of a pandemic as trading in the region got underway for the week.South Korea said it had 161 additional virus cases, along with two more deaths, to bring the total death toll there to seven. The country had earlier raised its infectious-disease alert to the highest level after a 20-fold increase in cases.Europe's concerns were also heightened over the weekend, which saw Austria halt a train from Italy for fear of two infected passengers. This came after Italy -- now the virus's epicenter on the continent -- canceled the Venice Carnival and other events.Key DevelopmentsBREAKING: South Korea says 161 more cases; death toll at 7Cathay Pacific cuts further capacityChina cases rose to at least 76,936 with 2,442 fatalities over weekendItaly infections soarIMF's Georgieva says outbreak puts recovery at riskClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Korea's Ruling Party Urges Extra Budget (7:37 a.m. HK)The Democratic Party of Korea assessed that the nation, which has hundreds of virus cases, will need more than 10 trillion won ($8.3 billion) in extra budget to support the economy and provide aid for losses related to the outbreak, according to the Seoul Shinmun newspaper, citing an unidentified party official.Cathay Slashes More Capacity (7:12 a.m. HK)Hong Kong carri

Yahoo BusinessFeb 23, 2020
China Will See Surge in M&A When Coronavirus Clears, Says PwC's Brown
Feb.23 -- David Brown, deals leader for Asia Pacific at PricewaterhouseCoopers LLP, discusses the M&A activity in China and how it's being impacted by coronavirus. He speaks with Haidi Stroud-Watts on "Bloomberg Markets: Asia."


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How Strategists and Investors See Coronavirus Playing Out (Yahoo Business)

Yahoo BusinessFeb 23, 2020
As Pandemic Looms, World's Top Disease Fighter Engages Xi
(Bloomberg) -- Tedros Adhanom Ghebreyesus has perhaps the most thankless job in global public health. As director-general of the World Health Organization, the former Ethiopian health minister is racing against time to prevent a dangerous new coronavirus in China from precipitating a worldwide pandemic.Yet containing and unlocking the secrets of a novel virus that emerged in Wuhan, once a flourishing mega-city of 11 million, is only part of the challenge. Tedros is also engaged in a delicate diplomatic dance with a Chinese government that's sensitive to perceived slights and a big financial supporter of countries across Africa, including Ethiopia, where he also served as foreign minister and a high-ranking member of its former ruling coalition.Tedros needs the support of China's all-powerful President Xi Jinping to increase on-the-ground access for the world's best infectious disease experts. Xi, meanwhile, is facing public anger over his government's handling of the crisis and has bristled at foreign criticism.As the world's first responder to public health crises, Tedros must "strike this complicated balance between being a member-state organization and being this evidence-based beacon on a hill," said Rebecca Katz, director of Georgetown University's Center for Global Health Science and Security. "It's not a job that I would want to do."The viral disease, known as Covid-19, has killed more than 2,400 people and reached four continents in less than two months. On Jan. 30, Tedros, after initially hesitating, d

Yahoo BusinessFeb 23, 2020
Takeaways from 2020 Warren Buffett Shareholder Letter
(Bloomberg Opinion) -- Investors looking for an angle on the coronavirus crisis have naturally landed upon the online education sector in the hopes that tens of millions of quarantined school kids will turn such providers into profit-making machines on par with China's hottest internet companies.Almost every mainland province and city has pushed back the starting date of the spring term by weeks. Most students haven't seen the inside of a classroom since Lunar New Year in late January. Not wanting to be left behind, students, their schools and parents have turned to online alternatives, including options not offered by traditional education businesses.Giant Alibaba Group Holding Ltd., for example, added 100,000 servers to support its free DingTalk messenger, which is being used across the country to help pupils communicate with teachers and watch online classes. A similar tale is told at WeChat provider Tencent Holdings Ltd.Even San Fransciso-based Seesaw Learning Inc., developer of an early-childhood learning and communication app with less than 10% of revenue from China, saw a 31% jump in traffic from there and 21% from Hong Kong. Co-founder Adrian Graham admits it's hard to tell whether that spike is due to normal post-new year usage increases or the impact of quarantined kids at the mostly international schools in the Greater China region that use the product.As a result, this could be the biggest sustained, mass experiment in online education since the internet was founded in the 1980s. But for those who specialize in educatio

Wall Street Journal US BusinessFeb 23, 2020
World Economy Shudders as Coronavirus Threatens Global Supply Chains
The last time a coronavirus outbreak hit China in 2003, the global economy emerged relatively unscathed. Now, nearly two decades later, the growth-damping effects of a similar pathogen threaten to ripple around a world transformed by China's boom.

Yahoo BusinessFeb 23, 2020
Gold jumps over 2% as coronavirus spread spurs safe-haven demand
U.S. gold futures rose 1% to 1,665. "The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens," said Michael McCarthy, chief market strategist at CMC Market. Global equities extended losses as concerns about the spread of the virus beyond China grew with sharp rises in infections in Italy and Iran, while South Korea raised its infectious disease alert to its highest level.


FT.com - USFeb 23, 2020
Coronavirus latest: Rise in cases outside China rattles markets
Guo Shuqing's legacy will hinge on whether he can counter outbreak's economic impact

Yahoo BusinessFeb 23, 2020
Oil prices fall 2% on demand concerns as coronavirus spreads outside China
Oil prices tumbled more than 2% on Monday as investors worried about a hit to demand from the coronavirus outbreak, which is spreading rapidly outside China. U.S. crude futures fell by $1.26 or 2.3% to $52.12. Concerns about the coronavirus grew on Sunday after sharp rises in infections in South Korea, Italy and Iran.


Reuters BusinessFeb 23, 2020
Oil prices skid on demand concerns as virus spreads globally
Oil prices tumbled nearly 3% towards a one-week low on Monday as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand.
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