The total number of reported cases worldwide now exceeds 10 million.
5 things to start the day off right
1) Britain is heading for Brexit “customs chaos” The head of the government’s customs expert group has warned of the chaos looming in ports due to “amateur” management of a new computer system.
2) The coronavirus has started a process of “creative destruction” – but who are the winners and losers?
3) City bosses are asking the government to cut red tape to try to boost the economy. This is happening as life insurers and retirement companies are also campaigning for a reduction in the level of capital they need to hold on their balance sheets, in order to free up money to invest in infrastructure.
4) John Tonkiss, boss of retirement home builder McCarthy & Stone, on how the criticism of poor resale values of company properties is taken into account
5) The “biased” code used by UK banks could make decisions that will change your life.
What happened overnight
Asian stocks plummeted, with the acceleration of the spread of the coronavirus in a number of sites outpacing signs of economic improvement.
Inventories fell by more than 1 pc in Japan, Australia and Hong Kong. They experienced a more modest decline in China, where markets reopened after two days of vacation. South Korean stocks fell 2% after the country’s finance minister ruled out another budget for this year.
At the same time, the central bank of China has announced that it will implement new monetary tools to ensure that liquidity reaches the real economy. The People’s Bank of China has said it will increase the proportion of small business loans, credit and manufacturing, and continue to lower lending rates.
Draper Esprit, Wood Group
Mortgage Approvals and Loans, Consumer Credit (UK), Business and Consumer Confidence (Eurozone), Pending Home Sales (United States)