(Bloomberg) -- Trading in Asia was underway Tuesday without a key player, as the Philippines took the rare step of stopping stock, bond and currency trading -- the first country to shut its markets as the coronavirus outbreak spread across the globe.
Elsewhere in the region, Hong Kong was set to issue its second-highest travel alert for residents and extend quarantine measures for people coming from abroad, and Malaysia restricted movement nationwide.
Dallas became the latest U.S. city to take action, closing down gyms and bars and banning dine-in eating. The San Francisco Bay Area went further, requiring people to stay home except for essential needs. NASCAR postponed weeks of race events, and local media reported the Kentucky Derby would be delayed.
Key Developments:
- Cases top 174,000 worldwide, as deaths exceed 7,000
- China has 80,881 confirmed cases, rest of the world tops 94,000
- China reports 21 new cases, 13 deaths March 16; says 20 were imported
- China says 1 new case in epicenter Hubei
- BREAKING: Hong Kong will issue red travel alert, extend quarantine measures
- Philippines shuts financial markets
- U.S. House virus relief bill goes to Senate following delays
- NASCAR postpones races through May 3
- Houston, Dallas close bars, limit restaurants
- U.K. closes Parliament to public
Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.
Philippines Shuts Financial Markets Until Further Notice (8:21 a.m. HK)
The Southeast Asian nation stopped trading until further notice, with the closures taking effect Tuesday, according to the Philippine Stock Exchange and the Bankers Association of the Philippines. President Rodrigo Duterte previously widened a month-long lockdown of the Manila region to cover the country’s main Luzon island, home to at least 57 million people.
The virus has infected at least 140 people in the Philippines and killed a dozen. The pandemic comes as Philippine equities have tumbled more than 30% this year as stocks around the world plunged on fears of a global recession.
House Virus Relief Bill Goes to Senate After Delays Over Fixes (8:11 a.m. HK)
The U.S. House passed technical fixes and sent the Senate its bill to alleviate some of the economic consequences of the outbreak after delays Monday that Treasury Secretary Steven Mnuchin resolved in talks with congressional leaders. The Senate will be able to take the measure up Tuesday.
NASCAR Postpones Races Through May 3 (8:07 a.m. HK)
NASCAR is postponing all race events through May 3, according to a statement on its Twitter page. It plans to return with a race at Martinsville Speedway in Virginia later in May. NASCAR said it intends to hold all 36 races this season, with future rescheduling to be determined. It said earlier that it would hold upcoming races in Atlanta and Miami without fans.
Hologic Coronavirus Test Gets FDA Emergency Use Authorization (8 a.m. HK)
Hologic Inc. said U.S. Food and Drug Administration granted Emergency Use Authorization for its Panther Fusion SARS-CoV-2 assay, which detects the virus. The company expects to provide tens of thousands of SARS-CoV-2 tests this month as it boosts production capacity, and to produce nearly 600,000 tests per month starting in April. Each Panther Fusion system can provide results in less than three hours -- and process up to 1,150 tests in a day.
China Reports 20 New Imported Cases (7:47 a.m. HK)
The country said it had 21 additional virus cases March 16, with 20 of them imported, according to a statement from its National Health Commission. The only locally reported case was in Hubei, the province at the epicenter of the outbreak, it said.
China has 80,881 total cases, with 143 of them imported. Its death toll rose by 13 people, for a total of 3,226 after months combating the disease.
Tokyo Will Ask Olympic Fans to Not Watch Torch Relay (7:29 a.m. HK)
Tokyo’s Olympic Organizing Committee will ask spectators to refrain from watching the Games’s torch relay on the side of the road, Japan’s Kyodo news agency reported, citing the body’s CEO Toshiro Muto. Organizers will likely ask fans not to gather on the street in segments of the relay held in Fukushima, Tochigi and Gunma prefectures, it said, with an announcement made before the domestic leg of the event begins March 26.
Houston, Dallas Close Bars and Limit Restaurants (7:13 a.m. HK)
The shutdowns hitting U.S. areas such as California and New York have spread to Texas. Both the Houston and Dallas areas ordered all bars to close and restricted dining in at restaurants.
U.K. Closes Parliament to Public (7:06 a.m. HK)
Britain’s Parliament will close to all visitors from Tuesday, authorities in London said in a statement. Lawmakers will continue working in the famous historic buildings but the public viewing galleries, and other visitor access areas, will all be shut.
Boeing (NYSE:BA) Seeks U.S. Aid and Help for Suppliers, Airlines (6:26 a.m. HK)
Boeing (NYSE:BA) Co. has asked White House and Congressional officials for short-term aid for itself, suppliers and airlines as the outlook for travel worsens, according to people familiar with the matter. Meanwhile, Delta Air Lines Inc (NYSE:DAL). is in talks to raise up to $4 billion in new debt amid a broader dash for cash by companies hit hard by the virus.
San Francisco Bay Area Nears Total Shutdown (5:12 p.m. NY)
Six of the biggest counties in the San Francisco Bay Area ordered people to stay home except for essential needs, marking one of the nation’s strongest local efforts yet to stem the spread of the coronavirus.
The area affected includes San Francisco, Silicon Valley and eastern cities such as Berkeley and Oakland. It will start at 12:01 a.m local time Tuesday and extend for three weeks, county health officers said at a press conference. All businesses outside of those deemed essential will shut.
New York City Likely to Request Military Medical Units (4:12 p.m. NY)
New York City is likely to request aid from military medical units and needs massive medical capacity on a scale that has never been seen before, Mayor Bill de Blasio said. New York plans to open five drive-through testing sites and is identifying space that it can convert for medical use, he said.
Canada Shuts Border to Most Foreigners (2:14 p.m. NY)
Canada plans to significantly restrict entry of non-residents into the country. The government will be denying entry to all foreigners, except for Americans, Prime Minister Justin Trudeau said. Airlines will also receive instruction to prevent all travelers with symptoms to board a plane.
Johnson Tells U.K. to End Non-Essential Social Contact (1:14 p.m.)
Prime Minister Boris Johnson urged British citizens to end all non-essential contact with other people in an effort to fight the outbreak. He warned that without “drastic action” now, the rate of infections could double every few days. He also discouraged mass gatherings from Tuesday, saying they won’t receive the support of emergency services.
First Vaccine Candidate Starts Human Testing (1:14 p.m. NY)
A potential Covid-19 vaccine moved into human testing, a record pace for a virus scientists didn’t know existed a few months ago. The first participant received the investigational vaccine Monday. The trial began in the Seattle area, which became the epicenter of the U.S. outbreak, with 42 of the 69 deaths in the nation. Scientists at the National Institute of Allergy and Infectious Diseases developed the experimental vaccine in collaboration with biotechnology company Moderna Inc.
NYC-Area States Ban Crowds, Shut Bars (12:05 p.m. NY)
States in the New York City area will act together to suppress gatherings and commerce to arrest the virus’s spread. Crowds of more than 50 are banned, and bars, restaurants and gyms closed at 8 p.m. Monday. It’s among the most aggressive actions nationwide to protect citizens from Covid-19, the respiratory disease caused by the virus.
(An earlier version of this story corrected the spelling of the Philippine capital Manila.)