Rally in stocks runs out of steam as coronavirus toll climbs - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

The death toll in mainland China rose to 636, more than doubling in just under a week, with the number of infections at 31,161.

Japan’s Nikkei and Korea’s Kospi headed lower in morning trade, but are on track for their best week of the year after earlier rises. Beijing has pumped billions of dollars into the money market to stabilise market confidence and support its faltering economy.But with the death toll rising, cities shut off, flights cancelled and factories closed, global supply chains are in disarray and fears of a pandemic remain.“The rate of infection is not slowing,” said Michael McCarthy, chief markets strategist at brokerage CMC Markets in Sydney.

In morning trade a slide in the safe-haven yen paused,leaving the currency sitting by a two-week low at 109.98 per dollar and poised for its worst weekly loss since last October.

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