Reported by Pro Football Talk 6 hours ago.
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Former NFL player, coach Brock Olivo describes life under quarantine in Italy
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Goldman Sachs: 4 key differences make the coronavirus-fueled bear market more worrisome than past slumps
· *The coronavirus downturn differs significantly from past event-driven bear markets and stands to hit equities even harder, Goldman Sachs said Tuesday.*· *The firm analyzed 27 bear markets since 1880 to estimate the current slump's length and depth.*
· *Though stocks' current level matches declines seen in past bear markets, factors unique to the coronavirus threat could drive prices even lower, the bank's chief global equities strategist said.*
· *Here are four key differences between the coronavirus-fueled slide and past bear markets, from historically low interest rates to the pandemic's unpredictable nature. *
· *Visit the Business Insider homepage for more stories.*
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The coronavirus's "one-off 'shock'" dragged US stocks into bearish territory faster than any past tumble, and a handful of unique factors suggest it will be harder than usual to recover, Goldman Sachs said Tuesday.
The bank analyzed 27 bear markets since 1880 to estimate how long and deep the latest downturn will last. Markets' latest decline brought forth an event-driven bear market, the analysts said, as opposed to cyclical and structural declines seen throughout history. The coronavirus drove a plunge of "unprecedented nature," and uncertainty around the pandemic's future contributed to all-time high market volatility, Peter Oppenheimer, chief global equities strategist at Goldman, wrote.
Even after the Dow posted its biggest gain in 87 years on Tuesday, equities sit well below bullish levels as investors wait for the government to issue trillions of dollars in fiscal relief.
Past event-driven slumps saw stocks fall 29% and remain in bearish territory for nine months on average, according to the bank, yet it expects the coronavirus to buck the trend. Here are the four characteristics differentiating the current market from past event-driven slides, according to Goldman Sachs.
*Read more*: The 'trade of the century': 2 hedge fund managers break down a simple investing strategy built to profit from wreckage caused by coronavirus
-Pandemic-sourced uncertainty-
No event-driven bear market example analyzed by the bank was driven by a global public-health crisis, and the lack of precedent leaves markets with few sources of optimism. Most downturns were prompted by market-specific events, allowing monetary policy to respond and directly ease stresses.
The coronavirus's economic fallout can't be patched as simply, Goldman said, and the rapid jump in quarantine activity dulls the impact of governments' usual stimulus measures.
"Interest rate cuts may not be effective in an environment of fear where consumers are required, or simply inclined, to stay at home," Oppenheimer wrote.
*Read more*: Morgan Stanley studied decades of recession history to compile a playbook for what to buy during and after a stock bear market — and when to do it-Historically low rates-
Even if rate cuts could effectively lift the economy from its virus-induced decline, the recent bear market arrived as interest rates already sat at historically low levels. The position left central banks like the Federal Reserve with little room to enact "effective policy response," Oppenheimer wrote.
The situation is increasingly dire in countries with negative rates, an economic experiment with little known about its long-term side effects.
*Read more*: UBS: The coronavirus crisis has pushed $1 trillion in corporate debt to the brink of default. Here's where to expect the most carnage — and which industries will be spared.-Second-stage infections-
Past pandemics such as 2003's SARS saw equities markets quickly bounce back from their lows once the rate of infection in secondary outbreak sites slowed. While China has effectively curbed contagion within its borders, escalating outbreaks in the US, Italy, and Iran prompted fresh selling as investors traded risk assets for safe havens.
The stop to economic activity in Europe and the US will further harm markets before they recover. Historic amounts of fiscal stimulus will be required to keep the event-driven bear market from turning into a prolonged downturn, Goldman said.
The rebounds seen after past crises were fueled by consumers' quick return to regular activity, and such recovery amid the coronavirus pandemic is unlikely, according to the bank.
"The fear factor around the economic shock from preventative measures may push markets down further in the meantime," Oppenheimer added.
*Read more*: A JPMorgan heavyweight who advises a $1.9 trillion business breaks down 3 investing strategies set to thrive right now — even as he forecasts 'the virus is going to win'-Widespread lockdowns-
The lockdowns taking place around the country to prevent further contagion will place a larger-than-usual pressure on earnings than seen in past bear markets, the bank said. Such a hit to quarterly profits "does not necessarily mean that markets cannot rebound sharply," but it suggests markets will fall further before turning higher, Oppenheimer wrote.
The strategist remains hopeful markets will return to past levels quickly once the virus threat subsides, and pointed to employment levels as the biggest risk moving forward. A jump in unemployment would likely usher in a long recession, Oppenheimer wrote, while a resilient unemployment rate would set the economy up for a healthy recovery in the second half of 2020.
*Now read more markets coverage from Markets Insider and Business Insider:*
*Dow soars 600 points after $2 trillion coronavirus stimulus deal reached*
*The Fed reportedly asks BlackRock to buy billions in bonds as part of its coronavirus relief effort*
*Morgan Stanley studied decades of recession history to compile a playbook for what to buy during and after a stock bear market — and when to do it* Reported by Business Insider 4 hours ago.
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Spain’s COVID-19 Death Toll Surpasses China
By Chris Hannas and Wayne Lee
Spain now has more coronavirus deaths than any country except Italy, after adding 738 fatalities on Wednesday.
The one-day spike increased Spain’s death toll to 3,434, exceeding the 3,285 deaths in China, but still far behind world leader Italy with 6,820.
Spain’s Ministry of Health said Wednesday infections in the country climbed by 20% from the previous day to 47,610.
The ministry said more than 5,000 people in Spain have recovered.
The outbreak has strained Spain’s health care system, particularly around the capital of Madrid where about half the country’s fatalities and one-third of confirmed cases have been reported.
China has lifted a lockdown on Hubei province where the novel coronavirus pandemic began, while the World Health Organization warned the United States could be the next center of outbreak.
China overall has seen vast improvements in its case load after implementing tough measures meant to keep people at home and prevent spreading the virus. Chinese health officials reported Wednesday 47 new cases, all of them among people who arrived from other countries.
The United States has seen the coronavirus spread rapidly in recent weeks, bringing its toll as of early Wednesday to about 55,000 confirmed cases with more than 700 deaths.
“They have a very large outbreak and an outbreak that is increasing in intensity,” WHO spokeswoman Margaret Harris said Tuesday, while noting increased testing in the United States could send that number higher.
Harris said 85 percent of the newly confirmed cases Tuesday were in Europe and the United States, and 40 percent of those were in the United States.
U.S. President Donald Trump said Tuesday he wants to see normal life resume in as early as a few weeks, while health officials say it is premature to do anything but insist on continuing measures to keep people apart so they do not spread the virus.
The U.S. Senate is set to vote Wednesday on a $2 trillion bill meant to help small businesses with loans, give money to families so they can spend, and to provide critically needed equipment to health care professionals who are caring for coronavirus patients.
Wednesday also brought a declaration of a state of emergency in New Zealand where Prime Minister Jacinda Ardern said the country would go into full lockdown for four weeks “to try to stop the virus in its tracks.”
New Zealand announced 50 new cases Wednesday, its highest daily total.
Prince Charles, the heir to the British throne, has tested positive for COVID-19 and has self-isolated in Scotland. A statement said he “has been displaying mild symptoms” but is otherwise in good health. The statement said it is not possible to determine how the prince was infected given the large number of engagements he attended in recent weeks.
COVID-19 has reached nearly every country in the world, infecting 423,000 people and killing about 19,000, according to Johns Hopkins University figures early Wednesday.
Libya had been spared up until Tuesday when it announced its first coronavirus case.
Italy, which has the second highest number of cases and has seen the harshest effects recently with hundreds of deaths per day will be under stricter scrutiny as authorities seek to enforce a lockdown order that has been in place for more than two weeks.
Prime Minister Giuseppe Conte announced higher fines for those caught outside without an approved reason, raising the top punishment from about $227 to $3,300.
The post Spain’s COVID-19 Death Toll Surpasses China appeared first on Eurasia Review. Reported by Eurasia Review 4 hours ago.
Spain now has more coronavirus deaths than any country except Italy, after adding 738 fatalities on Wednesday.
The one-day spike increased Spain’s death toll to 3,434, exceeding the 3,285 deaths in China, but still far behind world leader Italy with 6,820.
Spain’s Ministry of Health said Wednesday infections in the country climbed by 20% from the previous day to 47,610.
The ministry said more than 5,000 people in Spain have recovered.
The outbreak has strained Spain’s health care system, particularly around the capital of Madrid where about half the country’s fatalities and one-third of confirmed cases have been reported.
China has lifted a lockdown on Hubei province where the novel coronavirus pandemic began, while the World Health Organization warned the United States could be the next center of outbreak.
China overall has seen vast improvements in its case load after implementing tough measures meant to keep people at home and prevent spreading the virus. Chinese health officials reported Wednesday 47 new cases, all of them among people who arrived from other countries.
The United States has seen the coronavirus spread rapidly in recent weeks, bringing its toll as of early Wednesday to about 55,000 confirmed cases with more than 700 deaths.
“They have a very large outbreak and an outbreak that is increasing in intensity,” WHO spokeswoman Margaret Harris said Tuesday, while noting increased testing in the United States could send that number higher.
Harris said 85 percent of the newly confirmed cases Tuesday were in Europe and the United States, and 40 percent of those were in the United States.
U.S. President Donald Trump said Tuesday he wants to see normal life resume in as early as a few weeks, while health officials say it is premature to do anything but insist on continuing measures to keep people apart so they do not spread the virus.
The U.S. Senate is set to vote Wednesday on a $2 trillion bill meant to help small businesses with loans, give money to families so they can spend, and to provide critically needed equipment to health care professionals who are caring for coronavirus patients.
Wednesday also brought a declaration of a state of emergency in New Zealand where Prime Minister Jacinda Ardern said the country would go into full lockdown for four weeks “to try to stop the virus in its tracks.”
New Zealand announced 50 new cases Wednesday, its highest daily total.
Prince Charles, the heir to the British throne, has tested positive for COVID-19 and has self-isolated in Scotland. A statement said he “has been displaying mild symptoms” but is otherwise in good health. The statement said it is not possible to determine how the prince was infected given the large number of engagements he attended in recent weeks.
COVID-19 has reached nearly every country in the world, infecting 423,000 people and killing about 19,000, according to Johns Hopkins University figures early Wednesday.
Libya had been spared up until Tuesday when it announced its first coronavirus case.
Italy, which has the second highest number of cases and has seen the harshest effects recently with hundreds of deaths per day will be under stricter scrutiny as authorities seek to enforce a lockdown order that has been in place for more than two weeks.
Prime Minister Giuseppe Conte announced higher fines for those caught outside without an approved reason, raising the top punishment from about $227 to $3,300.
The post Spain’s COVID-19 Death Toll Surpasses China appeared first on Eurasia Review. Reported by Eurasia Review 4 hours ago.
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Italy coronavirus deaths rise by 683 in a day, lifting total death toll to 7,503
The death toll from an outbreak of coronavirus in Italy has grown by 683 to 7,503, the Civil Protection Agency said on Wednesday, a decline in the daily tally of fatalities following a spike the day before.
Reported by Reuters 4 hours ago.
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For Help On Coronavirus, Italy Turns To China, Russia And Cuba
Teams from Russia, China and Cuba have arrived in recent days to help Italy. There's gratitude — along with anger that the U.S., Italy's traditional ally, is absent.
Reported by NPR 5 hours ago.
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Netflix Goes Down, Thousands of Outages Reported Across US
Netflix and chill isn’t an option for many viewers on Wednesday morning, with the streaming service experiencing widespread outages according to thousands of reports from users.On DownDetector.com, a website used to track outages, there was a spike in reported outages around 9:30 a.m. PT. About 3,000 outages were reported between 9:30 a.m. and 10:00 a.m. PT, with most of the complaints coming from the West Coast and Northeast, according to the site’s tracking map. More than 40% of the outages were due to “no connection,” while 35% complained “video streaming” wasn’t functioning properly.
“Some of our members in the US and Europe were unable to use Netflix via our website for around an hour this morning,” a Netflix rep told TheWrap at about 10:45 a.m. PT. “The issue is now fixed and we’re sorry for the inconvenience.”
*Also Read:* Netflix Downloads Spike in Italy and Spain as Coronavirus Forces People to Stay Inside
As usual, when Netflix or another major tech site goes down, users rushed to Twitter to share their problem. Many users shared they were seeing an error message reading: “Something went wrong. Sorry, we’re having trouble with your request. You’ll find lots to explore on the home page.” Others said they were having a difficult time logging into their account.
Is it just my account or is everyone experiencing tha same? #netflixdown
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Plus #freenetflix is trending ???????? pic.twitter.com/Qts2AAVYsE
— Anin (@janineecortess) March 25, 2020
Netflix is down.. okay I’ll get Disney+ jeez
— Lauren (@LaurenHxo_) March 25, 2020
netflix is down. it's the apocalypse
— Scheill (@xivshr) March 25, 2020
Netflix is down. Now THIS is a problem
— Tommaso Batacchi (@tommy_bata) March 25, 2020
#Netflix is down. What a great time to disappoint.
— CINDY_CreATION???? (@CallMeCuppy) March 25, 2020
For what it’s worth, two members of TheWrap staff checked their Netflix accounts in Los Angeles and had no issue streaming content.
Netflix, at the close of 2019, had 167 million global customers. The company’s stock price is down 2.2% on Wednesday to about $349 per share, although it has fared better than the overall market in the last month, which has been rocked by the coronavirus outbreak.
*Related stories from TheWrap:*
'Angry Birds' Animated Series Flies to Netflix
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Netflix's 'Iliza Shlesinger Sketch Show' Trailer Parodies Informercials, Talk Shows and Reality TV (Video) Reported by The Wrap 34 minutes ago.
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Coronavirus | Former cricketer Sukhvinder Singh recounts his rescue mission to Italy
‘Once-in-a-life-time chance to serve the country’
Reported by Hindu 5 hours ago.
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Babbel makes its language learning app free for all US students
Babbel, the Berlin-based paid language learning app, today announced that, in light of the COVID-19 pandemic, it is making its service available for free to all K-12 and college students until the end of the term. Previously, the company offered a similar deal for students in Italy, the U.K., Germany, Spain and France. The service […]
Reported by TechCrunch 5 hours ago.
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City eye defender attracting interest from 'across the continent'
Leicester City transfer news - The Foxes are being linked with a move for right-back currently plying his trade in Italy.
Reported by Leicester Mercury 3 hours ago.
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Italy reports 683 more deaths as cases level off
Reported by Chicago S-T 4 hours ago.
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Coronavirus Pandemic: Global death toll crosses 20,000; Italy-Spain account for more than half
Spain has 3,434 deaths, surpassing China to record the second-highest death toll across the world.
Reported by DNA 3 hours ago.
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Italy records 683 coronavirus deaths in a day
The death toll from an outbreak of coronavirus in Italy has grown by 683 to 7,503, the Civil Protection Agency said on Wednesday, a decline in the daily tally of fatalities following a spike the day before.
Reported by France 24 3 hours ago.
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Coronavirus update: 74,386 confirmed cases in Italy, French death toll rises to 1,331
Read more on https://www.fxstreet.com
Reported by FXstreet.com 3 hours ago.
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G-7 countries fail to reach agreement because US insists on saying 'Wuhan virus' for coronavirus
· Foreign leaders from the Group of Seven (G-7) countries failed to agree on a joint declaration due to disputes on what to call the ongoing coronavirus pandemic, according to German magazine Der Spiegel.· President Donald Trump and congressional leaders have described the coronavirus — which was confirmed to have been found in 170 countries — as the "Chinese virus" or the Wuhan virus."
· "It's not racist at all," Trump said last week. "It comes from China, that's why. It comes from China. I want to be accurate."
· Visit Business Insider's homepage for more stories.
Foreign leaders from the Group of Seven (G-7) countries failed to agree on a joint declaration due to disputes on what to call the ongoing coronavirus pandemic, according to German magazine Der Spiegel.
However, the US State Department, led by Secretary of State Mike Pompeo, during preliminary discussions insisted on describing the novel coronavirus as the "Wuhan virus"— its suspected place of origin in China, according to Der Spiegel. The differences between the other G-7 countries and the US reportedly proved to be a road block in issuing a joint declaration.
The upcoming meeting of industrialized nations, which includes Canada, France, Germany, Italy, Japan, UK, and the US, was supposed to meet in Pittsburgh, Pennsylvania in late March, but is expected to be conducted via teleconference due to the coronavirus.
President Donald Trump and congressional leaders have described the coronavirus — which was confirmed to have been found in 170 countries — as the "Chinese virus" or the "Wuhan virus." The leaders also argue that the Chinese government had a documented history of downplaying the virus and obfuscating information before it spread beyond its borders and affected other nations.
"This is the Wuhan coronavirus," Pompeo said earlier in March. "It has proven incredibly frustrating to work with the Chinese Communist Party."
Asked about his description of the virus, Trump did not believe it had racist undertones.
"It's not racist at all," Trump said last week. "It comes from China, that's why. It comes from China. I want to be accurate."
Critics have argued that characterizing the virus by its country of origin fueled xenophobic attitudes. Other diseases, including the 2009 H1N1 influenza virus first found in the US — more commonly known as the "Swine Flu"— is not referred to by the country of origin.
The World Health Organization urged people to be "careful" in labeling the coronavirus and noted that, "Viruses know no borders and they don't care about your ethnicity."
The remarks come as numerous hate crimes have been reported by people of Asian heritage around the world. The Asian Pacific Planning and Policy Council, Chinese for Affirmative Action, and the San Francisco State University have since created a website for people to report discriminatory behavior.
Trump on Monday said the Asian-American community ought to be "totally" protected" in light of xenophobic attacks during the coronavirus pandemic, including being targets of "nasty language."
Join the conversation about this story » Reported by Business Insider 2 hours ago.
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'We are collapsing': Virus pummels medics in Spain and Italy
By the time Patricia Núñez's cough started, she was already familiar with the dreaded dry hacking sound tormenting patients who had for weeks been filling the Madrid emergency ward where she works."We were fed up of hearing it at...
Reported by New Zealand Herald 3 hours ago.
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“We are collapsing”: Coronavirus pummels medics in Spain and Italy
By the time Patricia Núñez’s cough started, she was already familiar with the dreaded dry hacking sound tormenting patients who had for weeks been filling the Madrid emergency ward where she works.
Reported by Denver Post 5 minutes ago.
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Coronavirus updates LIVE: Prince Charles is diagnosed with COVID-19 as Spain's death toll overtakes China's
Italy is on track to overtake China in having the most reported COVID-19 cases in the world, as New York's Governor said some of Manhattan's streets would be closed so people would have more room to move around. Follow our live coverage here.
Reported by Sydney Morning Herald 3 hours ago.
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Atalanta vs Valencia Champions League clash was a ‘biological bomb’ and ‘infected 40,000 fans’ with coronavirus, claims Bergamo mayor
Bergamo mayor Giorgio Gori claims a Champions League match between Atalanta and Valencia in Italy ‘infected 40,000 fans’ in attendance. Atalanta hosted Valencia at Inter Milan’s San Siro last month as their 21,000-capacity home ground in Bergamo, Italy was deemed too small. The coronavirus pandemic has infected more than 400,000 people worldwide, including over 19,000 […]
Reported by talkSPORT 3 hours ago.
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U.S. Can Be the Next Center of Coronavirus Outbreak, WHO Warns
Before the uptick in the number of American cases, Europe was the hotspot with Italy taking centre stage. Will U.S. get higher cases soon?
Reported by HNGN 2 hours ago.
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After Italy, Spain witnesses second-highest number of coronavirus COVID-19 deaths; global toll reaches 20,499
The global toll on Wednesday night (11:30 pm IST, March 25) reached 20,499 with total confirmed cases of 4,51,355, according to the Johns Hopkins University's latest graph.
Reported by Zee News 3 hours ago.
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