Coronavirus live updates: stock markets plunge on global recession fears | World news

Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabian state oil giant Aramco slashed its official selling price (OSP) and announced plans to raise crude production significantly, signalling the start of a price war.

Those moves came after Russia on Friday balked at OPEC’s proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, AFP reports.

Saudi Arabia said it plans to boost crude output above 10 million barrels per day (bpd) in April after the current deal to curb production between OPEC and Russia – known as OPEC+ – expires at the end of March, two sources told Reuters on Sunday.

Saudi Arabia cut its OSP for April for all crude grades to all destinations by anywhere from $6 to $8 a barrel, sending oil into a tailspin.

Brent futures fell US$9.95, or 22.0%, to $35.32 a barrel by 6:34 p.m. EDT (9:34 am Monday AEDT), while U.S. West Texas Intermediate (WTI) crude fell $8.99, or 21.8%, to $32.29.

Earlier in the session, both contracts fell to their lowest since February 2016, with Brent down to $31.02 per barrel and WTI at $30.

That puts Brent and WTI on track for their second biggest daily percentage drops in history behind declines for both in January 1991 over 30%.

Still in Australia for the moment, we have a bit more information on the coronavirus case at Willoughby Girls High school:

A letter sent from principal Ms E Diprose said the school will not be operational for the remainder of today, Monday 9 March, and tomorrow, Tuesday 10 March.

The letter to parents said:

A student at the schools has returned a positive test for Covid 19 at Willoughby Girls High School.

Students will be released from their classrooms from 11.30am. We are endorsing the use of mobile phones today so you can message your daughter when you arrive to collect her.

To provide time for NSW Health to conduct their contact tracing process the school will be non-operational today and tomorrow.

In accordance with NSW Health advice staff and students at the school should self-isolate for the next two days while the contact tracing process is finalised. Staff and students will be contacted again today and also advised if they can resume school as normal on Wednesday,11 March 2020 or if a further quarantine period will be required. Information on COVID 19 is available on NSW Health website.

The main takeaway from Australia’s shadow treasurer Jim Chalmers is that the economy was already in bad shape before coronavirus hit. “The government should be considering ways to get support into the hands of workers and businesses and communities as soon as possible,” he said.

Australia’s shadow treasurer Jim Chalmers says, “The response needs to be broad enough to make a difference and big enough and fast enough.”

He is now talking about petrol retailers who, he says, “should not be taking us for mugs” by holding on to petrol price reductions. Australians need this price relief he says.

Australia’s shadow treasurer Jim Chalmers is speaking now, with a much less reassuring message – albeit one focussed on criticising the government – listing the challenges faced by Australia’s economy beyond coronavirus.

“This Coronavirus will have a very big impact on our economy and it warrants and demands a substantial response from our government. The economy was already weak, heading into the challenges of the fire season and the Coronavirus and now it is getting weaker. Already before the virus hit, we had slowing quarterly growth, annual growth was well below average, business investment went backwards for three-quarters in a row. We have got stagnant wages, very high household debt, issues with consumption and productivity.”

Australian shadow treasurer Jim Chalmers is now speaking about the economy:

“I am conscious that the stock market has again taken a big hit, as confidence here and around the world has suffered from the outbreak of the virus. I know it is having an impact on our dollar as well, which is lower again. There is a lot of anxiety and a lot of concern in our economy and in our community.”

Brendan Murphy, Australia’s Chief medical officer, says “thousands” have been asked to self-isolate, but he does not have exact numbers.

The gist of that presser is:

• Return travellers with symptoms, get tested
• There has been only one case of community transmission in the country
• The focus at the moment is therefore on return travellers

Australian Chief medical officer Brendan Murphy is addressing media at the moment about the general status of the outbreak in the country.

Asked whether those who have not had contact with recent travellers from China or South Korea, but have a runny nose, whether you should get a test, Murphy says:

Not unless you are a returned traveller and you have symptoms, symptoms that suggest you might have an upper respiratory infection – a cough, a significant runny nose and fever.”

In Australia, we’re hearing from the chief medical officer Brendan Murphy, who says:

There may come a point where the focus is on isolating people who are symptomatic and test positive, and keeping them away from the rest of the community. And where contact tracing becomes less important. We are not at that point yet. At the moment, we’re focusing very aggressively on tracing and isolating contacts, because all of the evidence suggests that the best way to temper, delay and reduce the size of any outbreak in Australia is to contain it.

Australia’s chief medical officer Brendan Murphy says pregnant women should take particular care with their health but that there haven’t been any major issues in pregnant women who’ve been infected – that’s the advice from China.

Australia’s chief medical officer Brendan Murphy is talking a bit about the special clinics being set up to deal with the outbreak.

“Sometimes they might be located within an existing clinic, but with a separate entrance. The idea is to keep potential cases away from the general community,” he says.

REPORTER: So they will be essentially in the suburbs and towns, more so than the major metro areas?

Murphy: “We’re working for a range of them. It will be more difficult in rural and regional areas.”

Australia’s chief medical officer Brendan Murphy says screening at the airport “hasn’t picked up many people so far. Most people end up becoming unwell when they come here. But we certainly do have very enhanced screening at the moment.”

Australia’s chief medical officer Brendan Murphy is addressing the media about the status of the coronavirus outbreak in the country. Asked about travel bans – given he has just said the most important consideration for the spread of the virus in Australia is from return travellers to monitor themselves and report to doctors if they have any symptoms:

“Our current travel bans are proportionate. No more travel bans are recommended,” he says.

In Australia, the country’s chief medical officer Brendan Murphy says:

Our message remains. The most important thing for Australia to slow the progression of this disease is for return travellers who become unwell with flu-like symptoms, upper respiratory symptoms – cough, sore throat, fever and the like, to contact their doctor and get tested. That is the best way that we will contain the growth in this disease.