International
Coronavirus scare: Prime Minister Johnson says extensive preparations are underway as UK markets plunge
LONDON (Reuters) – Fears over coronavirus have pushed UK stocks to a low of nearly four years on Monday, but the government has said it is not yet time to close mass events and insisted that the food supply continue.
Prime Minister Boris Johnson is seen during a press conference on the coronavirus at Downing Street in London, Great Britain on March 9, 2020. Alberto Pezzali / Pool via REUTERS
As concerns over the economic impact of the epidemic hit global markets, Britain announced its fourth and fifth deaths from the virus and said it now has 319 confirmed cases , against 273 Sunday.
Prime Minister Boris Johnson held an emergency government meeting to discuss when to take tougher action, although the government has said it is not yet recommending the closure of major events. Food supplies, he said, would continue.
"We are still in the containment phase of the epidemic, but … our scientists believe that containment is extremely unlikely to work on its own and that is why we are making extensive preparations to move on to the delay phase, "said Johnson at a press conference. .
"Whatever happens in other countries, whatever measures we are asked for, there is no doubt that we consider them absolutely all and in due time, they may of course become necessary, but … the timing is crucial. "
The new coronavirus, which appeared in China in December, causes a disease called COVID-19. It has spread worldwide, infecting more than 110,000 people and 3,800 people have died worldwide, according to a Reuters count.
The FTSE 100 .FTSE plunged to a low of almost four years, as a collapse in oil prices caused by a price war between Saudi Arabia and Russia fueled fears of a global recession , investors being alarmed by the economic fallout from the coronavirus.
Yields on some benchmark UK government bonds became negative for the first time when panicked investors abandoned their stocks and rushed to safety of gilts to protect themselves from the dreaded economic shock from the coronavirus.
Early in the day, the two-year yield GB2YT = RR fell to -0.035%, down 13 basis points on the day, while the 10-year benchmark yields hit a record low of 0.074% before lift this trough later in the period. day.
GOVERNMENT RESPONSE
Speaking alongside Johnson on Monday, England's chief medical officer Chris Whitty said he expected the numbers "to initially increase slowly but then quickly enough ".
"We are now very close to the hour, probably in the next 10 to 14 days where … we should move on to a situation where we say that anyone with even minor respiratory tract infections or a fever should isolate themselves for 7 days after, "he said.
While some British supermarket shelves were emptied of all basic items like toilet paper, the British government said it had put together a team to fight "interference and misinformation" around the spread of coronavirus.
The country's largest retailer, Tesco, has limited bulk purchases of products such as antibacterial gels and wipes, dry pasta and long-life milk.
Health Minister Matt Hancock told Parliament that he was "confident that the food supply would continue even in our worst reasonable scenario". The government later announced that it would extend opening hours of deliveries to supermarkets to allow them to restock more quickly.
Britain's finance minister is scheduled to deliver his annual budget speech on Wednesday and investors are awaiting any indication of further stimulus from the Bank of England and the government.
Airlines based in the UK easyJet (EZJ.L) and British Airways (ICAG.L) are expected to cut back on their flights to northern Italy over the next three and a half weeks after Italian authorities have ordered a virtual foreclosure of the area.
Additional reports by Elizabeth Piper, Andy Bruce, David Milliken, Sarah Young and Michael Holden; Writing by Guy Faulconbridge; edited by Michael Holden / Keith Weir / William Maclean
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