Asian shares plunge after worst U.S. day since ’87
BANGKOK (AP) — Shares plunged in Asia on Friday, with Japan’s benchmark sinking as much as 10% after Wall Street on Thursday suffered its biggest drop since the Black Monday crash of 1987.
Markets worldwide have retreated as fears of economic fallout from the coronavirus crisis deepen and the meltdown in the U.S., the world’s biggest economy, batters confidence around the globe.
South Korea’s Kospi sank 7.8%, Sydney’s S&P ASX/200 gave up 7.9% and Hong Kong’s Hang Seng shed 5.3%.
The sell-off on Wall Street helped to wipe out most of Wall Street’s big gains since President Donald Trump took office.
The S&P 500 plummeted 9.5%, for a total drop of 26.7% from its all-time high, set just last month. That puts it way over the 20% threshold for a bear market, officially ending Wall Street’s unprecedented bull-market run of nearly 11 years. The Dow Jones Industrial Average sank 2,352 ponts, or 10%, its heaviest loss since its nearly 23% drop on Oct. 19, 1987.
U.S. strikes Iran-backed group that hit Iraq base
WASHINGTON (AP) — The U.S. launched airstrikes Thursday in Iraq, targeting the Iranian-backed Shia militia members believed responsible for the rocket attack that killed and wounded American and British troops at a base north of Baghdad, the Pentagon said.
U.S. officials said multiple strikes by U.S. fighter jets hit five locations and mainly targeted Kataib Hezbollah weapons facilities inside Iraq. A Defense Department statement said the strikes targeted five weapons storage facilities “to significantly degrade their ability to conduct future attacks.”
The strikes marked a rapid escalation in tensions with Tehran and its proxy groups in Iraq, just two months after Iran carried out a massive ballistic missile attack against American troops at a base in Iraq. They came just hours after top U.S. defense leaders threatened retaliation for the Wednesday rocket attack.
Biden pivots focus amid coronavirus concerns
WILMINGTON, Del. (AP) — Joe Biden blasted President Donald Trump’s response to the coronavirus outbreak on Thursday and outlined how he would combat the threat differently by relying more heavily on global alliances and listening more closely to the recommendations of scientists.
“This administration has left us woefully unprepared for the exact crisis we now face,” Biden said from his hometown of Wilmington, Delaware.
The new coronavirus has upended the presidential campaign at a crucial moment. Just as Biden is beginning to pull away with the delegates needed to win the Democratic presidential nomination, in-person campaign activities are virtually ground to a halt. And many Americans who would otherwise be tuned into politics are instead preparing for what might happen if they become infected or asked to remain home for weeks at a time.
As financial markets spiraled, Biden sought to look past the turbulent Democratic primary and portray himself as a soothing counter to the chaos of the Trump era. Standing before a bank of American flags, he mixed indictments of Trump with his own policy proposals and the kind of national cheerleading and encouragement that he sees as critical aspects of the presidency.
“No president can promise to prevent future outbreaks, but I can promise you this: When I’m president we will be better prepared, respond better and recover better,” Biden declared. “We will lead with science, listen to the experts, will heed their advice.”
Entertainment world at standstill over virus
NEW YORK (AP) — The entertainment industry prepared Thursday for an unprecedented shutdown to curb the spread of the coronavirus, canceling upcoming movies, suspending all Broadway performances and scuttling concert tours until it’s safe to welcome crowds back.
To accommodate calls for social distancing, Hollywood moved to pause the normal hum of TV productions and the bustle of red-carpet movie premieres. After New York Gov. Andrew Cuomo banned gatherings of more than 500 people, Broadway theaters announced that they would close immediately and remain dark through April 12.
The closures amount to a nearly complete halting of the industry, from Lincoln Center to Disneyland.