Coronavirus update: California issues state-wide stay at home order, Italy’s death toll outstrips China’s

Dhwani Mehta FXStreet

With the number of coronavirus cases rapidly spreading outside China, mainly across Europe and the US, the Governor of California issued a state-wide stay at home order.

The Governor said that non-essential businesses to close across California while adding that the state faces 10,000 hospital bed shortage.

Meanwhile, New York City Mayor DeBlasio said that he expects to run out of medical supplies in 2 to 3 weeks and therefore has called on President Trump to bring in the military to help.

In the US, the infections surged with over 11,500 known cases and at least 186 deaths.

Further, adding to the woes, the number of deaths in Italy, the new epicenter, outpaced those in mainland China. In Italy, over 3000 people have died. Cases in Germany, Iran and Spain rose to more than 12,000 each.

The UK reported 144 deaths and ordered a shutdown of dozens of underground stations in London and ordering schools shut from Friday.

Mainland China's total number of confirmed coronavirus cases hits 80,967 as of end-March 19 – Reuters News

Market reaction

Despite the risk-on trading seen on the Asian markets, the sentiment remains tepid amid growing COVID-19 infections and induced economic risks.

The US equity futures are down over 1% while USD/JPY fell sharply from a three-week high to now trade back on the 110 handle.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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