US Markets
Equities on major United States stock markets closed the trading session on Friday lower as investors shifted their attention to the rising number of confirmed coronavirus cases worldwide which passed 100,000 with the death toll reaching 3,462. US President Donald Trump signed $8.3 billion bill to be channelled towards the fight against the virus outbreak. This includes $3 billion for vaccine research and $2.2 billion in prevention and preparedness efforts, from which $1.25 billion will go to helping international efforts and $950 million will be given to state and local governments.
US Census Bureau reported that wholesale inventories fell by 0.4% in January with 273,000 non-farm jobs added February.
The Dow fell 0.98%, the S&P 500 lost 1.71% while Nasdaq 100 fell 1.63% at the close of Friday’s trading session. The euro was 0.69% higher compared to the dollar to change hands for 1.13060 at 4:05 pm ET.
Europe
Moody’s announced Italy is entering recession after a negative first quarter due to coronavirus outbreak. The ratings agency said the outbreak is concentrated in provinces that contribute more than 40% of Italy’s GDP.
On the other hand, Austrian Airlines, a unit of Lufthansa is said to shorten the working hours for nearly 7,000 of its employees due to COVID-19 outbreak. Deutsche Lufthansa on Friday cancelled all flights to Israel in March to the spread of the virus.
Switzerland has confirmed 123 new cases of coronavirus, raising the total to 337 cases and one dead and three people who recovered.
On Friday France said a total of 613 cases of the coronavirus have now been confirmed in the country, an increase of 190 people compared to Thursday. No new deaths were reported and the death toll stands at nine while 39 people are in intensive care and 12 people have reportedly recovered. The French government also closed 120 schools and nurseries in the areas worst hit by the coronavirus.
Asia
According to the New York Times, the Crown Prince of Saudi Arabia Mohammed bin Salman arrested several members of the Saudi royal family. The Times says Bin Salman detained his uncle Prince Ahmed bin Abdulaziz who is the brother of King Salman of Saudi Arabia, as well as former Crown Prince of Saudi Arabia Muhammad bin Nayef and Prince Nawaf bin Nayef.
Oil
Oil prices fell 10% on Friday as major OPEC members failed to reach a consensus on deepening output cuts. According to Bloomberg, Saudi was keen to implement additional cuts of 1.5 million barrels per day while Russia was against the move.
