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U.S. stock futures opened lower on Thursday night, building on the steep declines suffered by the major stock index that sent them more than 10% below their record highs.
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New Zealand confirmed its first coronavirus case on Friday, a person who returned from Iran.
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 (Bloomberg) -- Fear gripped Asian markets Friday and U.S. futures extended losses after the biggest rout for equities on Wall Street since 2011, with investors flocking to the yen to find shelter from the economic impact of the spreading coronavirus.With the likes of Citigroup Inc. analysts saying they want to see markets "closer to panic" before going all-in on global equities, there was no appetite for dip-buying ahead of the weekend. Japan's Topix Index slid over 4%, and Shanghai and Sydney saw declines of in excess of 3%. Nasdaq futures tumbled more than 2% after a 5% plunge Thursday and European contracts indicated another big slide at the open.New Zealand's dollar fell 1%-plus as the country reported its first case of the virus and investors bet on policy easing from the central bank. Meantime, crude oil collapsed below $46 a barrel. U.S. and Australian 10-year yields were at or near record lows.Global shares are on course for the worst week since the 2008 crisis, down more than 10% from this month's peak. That's after California said it's monitoring 8,400 people for signs of the virus after they had traveled to Asia, confirmed cases in South Korea topped 2,000 and Japan began shutting down schools."The markets are terrified that the disruption is going to hit GDP and then will hit profits at some stage," Andrew Freris, chief executive of Ecognosis Advisory Co in London, told Bloomberg TV. "The only thing central banks can do is cut interest rates, and cutting interest rates isn't going to do a
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Chinese search-engine giant Baidu warned its first-quarter revenue could drop 5% to 13% as the coronavirus epidemic wallops many of the sectors that fuel its bread-and-butter advertising business.
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The yellow metal rallies as it is bought as a hedge to a global downturn
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 Oil prices plunged to their lowest in more than a year on Friday, putting them on track for the biggest weekly decline in more than four years, as the rapid spread of the coronavirus stoked fears of slowing global demand.
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Both robot adoption and Chinese import competition between 1990 and 2015 caused large declines in manufacturing employment across US local labor markets (commuting zones, CZs). However, only robots were associated with a decline in CZ population, which resulted from reduced in-migration rather than by increased out-migration.
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Malaysian long-haul budget airline AirAsia X Bhd said it will defer delivery of 78 Airbus SE A330neo planes and consider other changes to reduce its fleet as the coronavirus dents demand.
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World share markets were headed for the worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and trigger a global recession.
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 The operator of Tokyo Disney Resorts announced Friday its theme parks would close for two weeks in an effort to help prevent the spread of coronavirus. Oriental Land Co. , which operates the parks, said it hopes to reopen Tokyo Disneyland and Tokyo Disney Sea on March 16. Oriental Land pays licensing fees to Walt Disney Co. but has no other capital relationship with the entertainment giant. Disney has already shut two of its Chinese theme parks, in Hong Kong and Shanghai, over coronavirus worries. Oriental Land said it made the decision to comply with a request by the Japanese government to cancel or delay public events for the next two weeks. On Thursday, Japan ordered all schools to be closed until the end of March.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Japanese shares slide into correction territory following rout on Wall Street
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 A Hyundai Motor worker
has tested positive for the new coronavirus, leading to a
suspension of production at one its factories in South Korea's
southeastern city of Ulsan, the company said on Friday.
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 Asian stocks fell sharply lower in early trading Friday, as Japan's Nikkei sank to into correction territory as coronavirus fears continued to rattle global markets.
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The virus, which has now spread to 47 countries, has put pressure on businesses and supply chains around the world.
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 Allianz chief economic advisor Mohamed El-Erian weighs in on the major selloff gripping Wall Street.
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Investors are employing high-frequency "alternative" data that isn't offered by government statistics agencies to get a read on China's recovery from COVID-19.
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Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.
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The virus has virtually crippled swaths of manufacturing in China, the second-largest economy in the world, and the country is a big buyer of products and services from other countries. U.S. technology companies such as Apple depend on Chinese supplies.
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"A lot of people are worried about their supply chain," CEO Josh Silverman said, adding "Etsy makers are already working from home, so we feel resilient."
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U.S. stocks extended sharp losses for a sixth straight day Thursday, with benchmark indexes finishing in correction territory. as the global coronvirus epidemic disrupted international trade and travel.
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Fans in South Korea will have to wait to see the band on their next tour.
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* BOJ likely wary of topping up monetary stimulus
(Adds market moves, context on chance of fiscal, monetary
steps)
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Trump says coronavirus will 'disappear' eventually CNNTrump frustrated by CDC's coronavirus severity warning CBS This MorningThe 31 wildest lines from Donald Trump's self-congratulatory coronavirus press conference CNNWhen a Pandemic Meets a Personality Cult The New York TimesLiz Peek: Desperate Democrats hope coronavirus will undermine Trump Fox News
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South Korean boy band BTS canceled
its scheduled April concert in Seoul, amid growing concerns of
the new coronavirus outbreak, its music label, Big Hit
Entertainment, said on Friday.
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Pence tells 'Hannity' risk of coronavirus spread in US 'remains low' thanks to Trump's 'decisive action' Fox NewsPence Will Control All Coronavirus Messaging From Health Officials The New York TimesMeghan McCain scolds audience members after apparent applause for Pence failing on coronavirus Fox NewsPence's new mission on coronavirus: A controlled message The Washington Post
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Facebook Inc said on Thursday it would cancel its annual developer conference due to fears over the coronavirus, as growing concerns about the economic impact of the global outbreak drove Wall Street to tumble for a sixth straight day.
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Global share markets headed for the worst week since the darkest days of the financial crisis in 2008 as investors braced for the coronavirus to morph into a pandemic and derail world economic growth.
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"If anything, some of them should do even better as this outbreak gets worse," the "Mad Money" host said.
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The new coronavirus that was first identified late last year in Wuhan, China, is a dominant theme in the earnings releases and conference calls of S&P 500 companies as investors press for answers on how it will impact their business.
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Hopes the coronavirus
would be contained to China vanished on Friday as infections
spread rapidly around the world, countries started stockpiling
medical equipment and investors took flight in expectation of a
global recession.
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Tokyo Disneyland will be closed
starting from Saturday through to March 15 amid an outbreak of
coronavirus infections in Japan, operator Oriental Land Co Ltd
said on Friday.
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 "The rebound of the economy after the outbreak will continue to be a long-term project," Baidu CEO Robin Li said in an internal letter obtained by Reuters. The potential fall for first-quarter core revenue - sales made from advertising - was even steeper, with Baidu forecasting a slide of 10% to 18%. "Baidu will also struggle more than other internet companies in China due to its greater reliance on the advertising market," said Haris Anwar, an analyst at financial markets platform Investing.com.
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 (Bloomberg) -- The number of new coronavirus cases in South Korea crossed 2,000. Japan is closing schools to limit the spread of the outbreak. New cases continue to appear outside of China with Italy, Iran and Kuwait reporting more infections. Nigeria confirmed its first case, the first reported in sub-Saharan Africa.Stocks tumbled with equity markets in Hong Kong, Japan and Australia all losing more than 2%. U.S. health authorities moved to greatly expand the number of people who will be tested, adding travelers from several new countries and people with unexplained, severe respiratory illnesses. California is monitoring 8,400 people for signs of the virus after they traveled to Asia.Key DevelopmentsConfirmed cases worldwide at 83,048; global deaths 2,858China death toll at 2,788, up 44; cases climb to 78,824, up 327South Korea confirms 256 more cases, bringing total to 2,022Limited virus testing in Japan masks true scale of infectionHong Kong dog found to have ‘low level' of virusCoronavirus crisis seeds chaos in Washington and on Wall StreetClick 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.Abe Adviser Says Japan Needs $45 Billion of Extra Spending (11:45 a.m. HK)An adviser to Prime Minister Shinzo Abe said Japan should compile another economic package with fresh spending of at least 5 trillion yen ($45 billion) to respond to a severe hit from the coronavirus outbreak."We should take it very s
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The depth of the slide for stocks this week can perhaps best be illustrated by the severity of the skid for the 124-year-old Dow Jones Industrial Average.
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A big jump in Coronavirus cases around the world is creating turmoil in an oil market that's already oversupplied.
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Exclusive: Kingdom pushes for deeper Opec reductions in face of crude price slump
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The depth of the slide for stocks this week can perhaps best be illustrated by the severity of the skid for the 124-year-old Dow Jones Industrial Average.
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 (Bloomberg) -- Baidu Inc. predicted revenue may slide as much as 13% this quarter, joining its fellow technology giants in warning about the impact of the deadly coronavirus.China's internet search leader forecast a 5% to 13% plunge in sales to between 21 billion yuan ($3 billion) and 22.9 billion yuan in the March quarter, missing an average projection for 23.4 billion yuan. Its U.S.-traded shares slid as much as 1.6% in extended trading.From Microsoft Corp. and Apple Inc. to Alibaba Group Holding Ltd., the world's largest corporations have either scaled back on projections or warned of a hit to their operations from Covid-19. Apart from the uncertainty of the outbreak, Baidu has been grappling with a slowing home economy and competition from upstarts like ByteDance Inc. that've lured advertisers away and depressed marketing rates. Chief Executive Officer Robin Li said it will take time for the world's No. 2 economy to recover."The return of economic growth will be a long-term issue after the epidemic, but many new opportunities are emerging," the billionaire founder told employees in an internal memo obtained by Bloomberg.Certain businesses can thrive despite the epidemic, including online entertainment and education, Li added. Baidu's Netflix-style unit iQiyi Inc. projected a better-than-expected revenue gain of 2% to 8% this quarter."The virus has affected consumer spending, so naturally advertisers will want to postpone their budgets," said David Dai, a Hong Kong-based analyst with Bernstein
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Stock futures point to more losses after Thursday's massive tumble amid coronavirus fears CNBCCoronavirus could cost Trump the election, Goldman Sachs warns CNNDow's point drop worst on record as stocks fall into correction Fox BusinessHere's how long stock market corrections last and how bad they can get CNBC
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