Coronavirus live updates: stock markets plunge on global recession fears

With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling. Follow all the developments live.

11.20pm GMT

In Sydney, Australia, Channel Nine is reporting that two Year 10 pupils at St Patrick’s Dundas in Sydney have tested positive for coronavirus.

We’ll have more on this shortly.

BREAKING: A boy and a girl in Year 10 at St Patrick’s Dundas have tested positive for Coronavirus. School working with NSW Health to figure out next steps. @9NewsAUS #CoronavirusOutbreak https://t.co/3IFpjKJpaI

11.17pm GMT

Global financial markets face a torrid day on Monday after the virus continued to threaten to spark a worldwide recession.

Australia has kicked off the day’s trading and the benchmark ASX200 down by 4.2% on Monday morning. The Nikkei in Tokyo opens in less than an hour with futures trade pointing to a 4.5% fall.

Brent crude oil futures have also plummeted to just over $33 after the Saudi decision to pump more oil at the weekend.

https://twitter.com/DavidInglesTV/status/1236788833733062656

This is proper March madness. S&P futures fall over 120 points early Monday in Asia. pic.twitter.com/cFpFXK95tl

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Budget: chancellor hints at looser purse strings for NHS and broadband

Rishi Sunak’s first budget on Wednesday is expected to offer measures to counter effects of coronavirus

Rishi Sunak, the chancellor, is expected to ease constraints on spending and borrowing in this week’s budget, as he sets out plans to help the economy withstand the impact of coronavirus.

Presenting his first budget on Wednesday, the new chancellor will make announcements including the confirmation of £5bn investment in faster broadband across the country — a policy from the Conservative manifesto.

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Health authorities check all passengers travelling from northern Italy – video

Italian health authorities were checking passengers getting off buses and trains from northern Italy and arriving in Salerno and Naples on Saturday. Other countries could soon follow Italy’s drastic containment measures as coronavirus threatens to continue its spread across Europe. Italy remains the epicentre of the viral outbreak in Europe, as more than a quarter of the country’s population is under quarantine

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