The COVID-19 outbreak is wreaking havoc on critical sectors of the global economy
A screen broadcasts stock market news on the floor of the New York Stock Exchange in New York City, New York, US, March 11, 2020.
Most of Europe rebounded and the Bank of England cut its key interest rate by half a percentage point to 0.25 percent and offered financial liquidity measures in response to the outbreak of the COVID-19 virus. Asian markets slid.Saudi Arabia intensified its fight with Russia over the production cuts it wanted in a bid to halt tumbling oil prices. Benchmark US crude is down almost 50 percent this year and its most severe decline since the economic crisis is happening this week.
Hilton is pulling its forecast for the first quarter and the year citing uncertainty as the coronavirus spreads. The Mariners are still in Arizona for spring training, but their regular season home opener is scheduled for March 26.The pandemic has scrambled supply chains, darkened factories in China, and reduced orders with the anticipation of a slowing global economy.
The railroad trade group said it is difficult to determine how much of the drop in shipments of containers of goods is related to the virus outbreak, but it is clear that is playing a role.Already under heavy pressure from protracted trade disputes, shares of major ocean shippers are sinking further due to the viral threat to the global economy.
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