Timeline: How the coronavirus spread
Australian Prime Minister Scott Morrison ordered hospitals to ensure sufficient medical supplies, protective gear and staff. U.S. President Donald Trump put his vice president, Mike Pence, in charge of America’s response, while France’s President Emmanuel Macron rallied the nation.
Spooked by the impact on China, the heart of corporate supply chains, and the increasing effect on other countries, stocks sank deeper into the red and oil prices fell. Klaas Knot, seen as one the ECB’s most hawkish members, also expressed concern but noted that after the 2002-03 SARS epidemic, also originating in China, its economy then rebounded to grow from the world’s sixth to its second biggest now.
There is no cure for the virus that can lead to pneumonia, and a vaccine may take up to 18 months to develop. Desperate to stave off a probable recession, Italy warned that the “epidemic of misleading information” could do worse harm than the virus itself.
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