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  • Thursday 19 March 2020

    Coronavirus Continues to Affect Markets

    The Spread of the Conavirus causes the world to come to a stand as countries impose travel restrictions to infected countries. 

    The COVID-19 Virus known as the coronavirus is a flue virus which started in Wuhan, China.The Virus is believed to be a virus found in wild animals sold as meat at the market places in Wuhan. the virus has killed thousands of people in China, Europe and USA with Italy being the Most affected European country which has suffered 2000 deaths already due to the virus and China leading on the global list of global deaths to the virus.

    Today the number of people infected with the virus has rose up to over 200 000 with just over 6000 recorded deaths globally which has brought fears in many governments affecting a lot of businesses as some have been forced to shut down to prevent the further spread of the coronavirus.

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    A lot of Manufacturers in china and trade ports globally have shut their operations leading a major blow in the global markets which has caused a lot of instability in the markets which has costed world billionaires a lot of money, with Amazon CEO Jeff Bezos losing over $8 Billion and Microsoft former CEO Bill Gates losing over $5 billion due to a drop in sales. the worlds top 500 richest people have suffered a loss of over $238 Billion in the last two weeks as the spread of the corona virus has become more uncontrollable with Europe being the second continent to be the most affected after Asia.

    The united Kingdom has also been a major affected country with over 2626 confirmed cases and totaling to 104 deaths in the past two weeks which has affected the Pound causing it to drop 17000 points against the US dollar.

    British Pound Drop 

    The dollar dollar has shown some great strength in the midst of this outbreak and a lot is expected to happen as Donald Trump has put some cities on a shutdown to prevent a major spread of the virus.

    Sifiso Nkwanyana

    Author & Editor

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