Stocks tumble after Trump bans travel from Europe to contain virus blow

TOKYO: Global shares crumbled on Thursday after U.S. President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic that has extracted a heavy human and economic toll worldwide.

"In many European countries, the number of patients are increasing in a track similar to Italy. The U.S. appears to be following that path. It now looks realistic to expect, within 10 days, those countries could have more than ten thousands patients." The 10-year U.S. Treasuries yield fell 8.7 basis points to 0.737per cent , though it is still more than 40 basis points above a record low of 0.318per cent touched on Monday. Some analysts say the rise could reflect worries about an increase in government spending for stimulus.

"The initial reaction in financial markets shows that even after Trump spoke investors feel they need to avoid risk," said Junichi Ishikawa, senior currency strategist at IG Securities in Tokyo. U.S. West Texas Intermediate crude last traded up slightly at US$32.14 per barrel, down 2.5per cent.The U.S. currency fell 0.7per cent to 103.64 yen and lost 0.5per cent to 0.9333 franc .

It will save the people. 👍👍. The short term economic suffering is a small price to pay for a nation of healthy people with normal movements

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