Australia orders business closures to stem spread of virus

SYDNEY/CANBERRA • Prime Minister Scott Morrison of Australia yesterday ordered many venues, including pubs, casinos, gyms and cinemas, to close from midday today to combat the coronavirus after many people appeared to disregard health warnings and congregated in large numbers in recent days. The number of infections in the nation climbed to 1,098 confirmed cases […]

Global economy already in recession on coronavirus devastation

BENGALURU (REUTERS) – The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week. The spread of the disease caused by the virus, Covid-19, has sent financial markets […]

Australia's central bank pumps record liquidity into banking system

SYDNEY (REUTERS) – The Reserve Bank of Australia (RBA) used its daily money market operation to pump a record A$12.7 billion (S$10.55 billion) into the banking system on Thursday (MARCH 19), aiming to ease liquidity constraints in a stressed bond market. That followed an injection of A$10.7 billion on Wednesday, which had already left commercial […]

US Fed ramps up cash injections to keep market gears grinding

NEW YORK (AFP) – The Federal Reserve on Thursday (March 12) massively increased its efforts to keep the economy on track and quell the growing uncertainty caused by the coronavirus pandemic, injecting US$1.5 trillion (S$2 trillion) of cash into markets this week. But economists warn the central bank’s actions will not be sufficient without government […]

Despite coronavirus, China consumer confidence remains envy of world

NEW YORK (BLOOMBERG) – The coronavirus is increasingly weighing on global consumer sentiment, but its impact can vary greatly. Take Japan. The outbreak there has been mild, but among major economies consumer confidence has taken the biggest hit, according to daily tracking surveys in 12 countries by Morning Consult, a data-intelligence provider. The main reason […]

Coronavirus: Cautious Fed quarantines US dollars repatriated from Asia

WASHINGTON (REUTERS) – The greenback faces the same fate as many travellers returning home from China and other coronavirus hot spots. The US Federal Reserve has begun quarantining physical dollars that it repatriates from Asia before recirculating them in the US financial system as a precautionary measure against spreading the virus, a Fed spokesperson told […]