The Organisation of Petroleum Exporting Countries (OPEC), on Tuesday, recommended an additional 1 million barrels per day crude output cut. "Russia has so far dragged its feet in committing to more cuts", Capital Economics analysts said in a note.
There are fears that a slowdown caused by the virus will cause a recession in some countries. And while Georgieva said the global financial system is in good shape now after being fortified in the wake of the 2008 crisis, "We do need to have measures that are bringing a sense of confidence", and prevent credit from freezing up.
In Europe markets were higher as Britain's FTSE-100 gained 2.02%, France's CAC-40 advanced 1.97% and Germany's DAX rose 2.46%. The Hang Seng in Hong Kong climbed 0.6%. Despite the extra spending, the virus "poses a major downside risk" to Korean economic growth, Rajiv Biswas of IHS Markit said in a report. European benchmarks were mostly higher, and Asian markets rose broadly.
The goal of the test is to see whether the system can support a scenario in which all Amazon employees work from home, if need be. In an email to employees in Seattle and Bellevue, Amazon's health and safety office confirmed that an employee of the company's Brazil office building, which is part of the South Lake Union Campus in Seattle, had contracted the virus.
A little under 10% of people with the COVID-19 virus in the region have needed to be admitted to the ICU, the head of the national Civil Protection agency, Angelo Borrelli , told the AP. Lombardy's regional governor Attilio Fontana and the councilor responsible for welfare Giulio Gallera, the main public faces of the crisis management effort, are among those who will be tested.
Finance ministers and central bank governors from across the G7 nations discussed the virus and its economic implications, but stopped short of announcing any coordinated fiscal or monetary action. "Policymakers are getting out early and ahead of a any major disruptions outside China that could come from the coronavirus outbreak.If the risks become a reality, fiscal and monetary policy do not have the full tools to face this shock".