The Global Economic Effects of the Coronavirus Outbreak

The new coronavirus outbreak had been causing problems to the global financial system, says an article from Reuters.

Affected Financial Institutions

The HSBC bank had sent home at least 100 employees of its London branch after one of their workers had tested positive for the deadly COVID-19. This is the first time a large financial company in Europe was infected by the new worldwide epidemic.

The UniCredit from Italy had already told some of its employees to go home. The employees sent home after two of its staff were reported to have contracted the virus. The infected employees of the company were from Italy and Germany.

The European Central Bank had requested eurozone banks to immediately test their big-scale remote working arrangements and any other flexible means for the health security of their critical staff.

The Economic Effects of the COVID-19 Epidemic in Italy

Currently, there are more than 95,300 global new coronavirus cases. Also, at least 3,200 people had lost their lives from deadly diseases.

In Italy, the COVID-19 death toll had already reached 107. The total cases of the dangerous virus had reached 3,090 in Italy.

The country's decision to postpone the operations of schools and universities until March 15 had made an incredible impact on employers and working parents.

Another decree by the Italian government called for the indefinite postponement of the operations of cinemas and theatres. Also, Italians were told to avoid shaking hands, hugging each other, and making direct physical contact with other people.

The bishops of Italy had ordered to postpone masses in the entire week in coronavirus-infected places in the country. These places include the northern part of the country where the COVID-19 had been observed.

Sports also gets affected by the precautionary measures for the coronavirus scare. Soccer games will be played in empty fields.

COVID-19 in the US

California had already announced a state of emergency in the state after one of its resident's death. It was the first death from the virus in the United States outside the state of Washington.

The total deaths in the US caused by the new coronavirus had totaled 11 on Wednesday. New COVID-19 cases are continuing to surface across Los Angeles and New York.

A ship that previously carried two passengers who were infected with the new coronavirus had been prohibited to return to its homeport in San Francisco. It was reported that the vehicle had traveled to Hawaii.

There were at least 20 people reported to have caught the novel coronavirus.

Currently, the Grand Princess Cruise ship was advised to stay at sea until further tests are conducted.

The Effects of the Coronavirus Scare to the Global Oil Industry

The deadly virus' outbreak had negatively affected the global economy. It had also affected the global demand for oil.

To salvage oil prices, OPEC ministers arranged a meeting. The meeting occurred in Vienna on Thursday. The target of the conference was for the approval of a huge cut in oil production.

Currently, they are still waiting for the response of Russia with such a move.