Archives of “February 26, 2020” day

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Nestle suspends all business travel for 300,000 employees

  
  Analysis

The food company tells all employees to stay put

Swiss food giant Nestle has suspended all business trips until March 15, according to an AFP report.
“I can confirm that we published an internal note this (Tuesday) morning stating that as a precaution, we ask all our employees worldwide not to travel for business until March 15,” a company spokesman told AFP after the news agency asked about the memo.

WHO chief Tedros: Using the word ‘pandemic’ carelessly has no benefit

  
  Analysis
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Says it could amplify unjustified fear and stigma, paralysing systems

Tedros
  • Calling it a ‘pandemic’ may also signal that we can no longer contain the virus, which is not true

He won’t be making many friends with the remarks above but I don’t think he is completely wrong. The last thing the world needs is to engage in full-blown panic and to turn on governments for not treating this seriously enough.

But the fact is that no country wants to be the first one to let this virus turn into an uncontrollable disease. Let’s face it, even though it had originated from China, they are arguably the only ones to be able to combat the virus on such a large scale.
At the same time, this is a good social experiment to explore how much human greed has affected our day-to-day lives in this world; if the virus wins that is.
Humanity can easily survive and contain the virus outbreak if we all put healthcare over the economy – even for just a little while. But the hard truth is that money is really what makes the world go round. And it always will be.

South Korea confirms 115 more new coronavirus cases, brings total tally to 1,261 cases

  
  Analysis
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Newsis reports on the latest tally

The uptick in new cases in South Korea isn’t showing any signs of slowing down just yet and as this continues to move higher, expect more strict precautionary measures from the government – similar to what we are seeing in Hong Kong and China.

Besides that, expect more and more countries to also issue travel restrictions to and from South Korea in general – not just Daegu.
While the cases are something to take note of, the emphasis for the market isn’t on the count or mortality rate, it is the fact that governments are willing to embrace lockdowns just to stop the virus from spreading. That is the scary part for global trade and travel.

Nikkei 225 closes lower by 0.79% at 22,426.19

  
Analysis, Global Indices

The Nikkei posts its lowest close since October last year

Nikkei 26-02

Asian stocks are mostly following Wall Street’s lead lower today but the losses have been managed by the calmer mood in Chinese equities and US futures so far on the day.
The Shanghai Composite is keeping near flat levels as Chinese stocks are somewhat holding up amid hopes for more stimulus measures to bolster the economy. Meanwhile, US futures are up by ~0.4% on the day and that is easing the pressure on risk.
USD/JPY has also crept higher towards 110.38 currently but the near-term bias continues to favour sellers for now as price sits under the 200-hour moving average @ 110.68.
The overall risk mood is somewhat mixed going into European trading, with Treasury yields mixed across the board near flat levels mostly. 10-year yields are at 1.355%, just a hiccup away from potentially falling below 1.30%.

Chinese equities move lower into the close, not a good post-lunch break session

  
Analysis, Global Indices

Where art thou PBOC stimulus?

CSI 300

SHCOMP
After returning from the lunch break earlier, Chinese stocks haven’t had the best of times as it has been more or less one-way traffic on the way down. The CSI 300 index is down by 1.3% while the Shanghai Composite index is down by 0.9% on the day currently.
Despite the earlier optimism – owing to hope for more stimulus measures – it isn’t proving to be enough as the upside momentum is starting to wane, for now at least.
The lower close today would be the third straight day of lower closes for Chinese indices after an impressive recovery following the post-Chinese New Year drop.

Japan PM Abe to request cancellation, delay, downsizing of sports, cultural events for 2 weeks

  
  Analysis

Earlier on was news a Japan pro baseball game would be played in an empty stadium.

A couple of other coronavirus – related items from about the place:

Kuwait says all Kuwaiti ports won’t allow ships arriving from or departing to China, Korea, Italy, Singapore, Thailand, Japan, Iraq

  • ships from the oil sector are excluded from the port ban
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