Coronavirus news: Tenerife hotel in lockdown as tourists tested – live updates
H10 Costa Adeje Palace hotel on lockdown after Italian tourist tests positive for virus
- Full story: 1,000 guests at hotel quarantined
- South Korea: 200,000 sect members to be tested
- Stocks fall as virus fears hit global markets
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Two further developments have just been reported by Reuters.
It appears that Austria has its first two cases of coronavirus, in the province of Tyrol. There’s no indication yet of the source of the outbreak, but Tyrol borders northern Italy where officials are struggling to contain a growing number of cases.
Back in the City, the FTSE 100 index of leading blue-chip shares has fallen to a new four-month low.
The small gains reported earlier didn’t last. Traders have been spooked again by the latest coronavirus cases in Iran, Italy and the Canary Islands, which have pushed down markets across Europe.
The engineering group Meggitt and chemicals firm Croda are leading the FTSE 100 fallers, after they both warned shareholders this morning that Covid-19 will hit their businesses.
Neil MacKinnon, a global macro strategist at VTB Capital, says investors are alarmed by the economic damage caused within China, and the rising infections in other countries.
“Once travel restrictions inside China are lifted there is a risk of the virus increasing again and/or a reluctance of people to return to work. This looks like more of an ‘L-shaped recovery’ as far as the Chinese economy is concerned and full-capacity working is unlikely to happen before the third quarter.”
“The ramifications are certainly global, given that China has accounted for a third of global GDP growth over the past decade. The disruption to global supply chains and disruption to trade and investment flows is considerable,” MacKinnon warns.
The FTSE 100 is down 55 points, or 0.7%, at 7101 – its weakest level since 4 October. That’s on top of the 247 points lost in Monday’s rout. The Stoxx 600 index, which tracks Europe’s largest companies, has dropped by almost 1% today.
Our business liveblog has more details:
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