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Canada and now France have become the latest countries to close their borders, as the world deals with the growing spread of COVID-19. It follows more dramatic losses on financial markets overnight, caused by fears the virus will cause a global recession. In New York, the S&P 500 index plunged 13 percent in early trade, triggering another 15 minute trading halt. The fall on Wall Street and in Europe followed the worst day on the Australian market since the 1987 share market crash.
In response to the coronavirus pandemic the New South Wales government has announced a two-point-three billion dollar economic stimulus package. This comes as the state's premier warns of dark times ahead. Meanwhile medical officials have warned of a worst-case scenario which could see as much as 60 percent of the Australian population infected, and up to 150-thousand deaths.
The European Union has proposed a 30 day travel ban on people entering the bloc for non-essential reasons, in an effort to curb the spread of coronavirus. COVID-19 has now infected more than 50 thousand people across the continent, causing two thousand deaths. In Italy the outbreak continues to spiral out of control, with another 349 deaths reported in the past 24 hours. Meanwhile Spain is considering closing its borders entirely, as the number of coronavirus cases soar.
