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Coronavirus: A nightmare for world’s economy

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Coronavirus: A nightmare for world’s economy

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The number of people infected with the coronavirus topped 114,000 across the world as the outbreak spread to more countries, causing greater economic damage.

Earnings of major global companies could fall 10% this year, Citigroup analysts said, citing the steep fall in oil prices and economic disruption due to the coronavirus.

China

-China will modify the environmental supervision of companies to boost post-coronavirus recovery, giving firms more time to rectify environmental problems, but stressed it was not relaxing standards.

Italy

Italy will approve measures worth around 10 billion euros ($11.35 billion) to counteract the virus impact, the industry minister said on Tuesday.

Global Markets

Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. Global luxury brands including Gucci and Louis Vuitton are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to Italy hits business.

Oil

Oil and equity markets staged solid rebounds on Tuesday after the previous day’s pummeling, with signs of co-ordinated action by the world’s biggest economies to cushion the economic impact of coronavirus helping pull investors out of panic mode

Also read: Pakistan tally goes up to 18 as 2 new cases detected in Sindh

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