- Title: Trump's coronavirus travel ban "bad for business" - market analyst
- Date: 12th March 2020
- Summary: LONDON, ENGLAND, UNITED KINGDOM (MARCH 12, 2020) (REUTERS) OFFICES OF UK-BASED FINANCIAL DERIVATIVES DEALER, CMC MARKETS DEALERS WORKING AT THEIR DESKS HANDS TYPING ON KEYBOARD
- Embargoed: 26th March 2020 15:59
- Keywords: CMC Markets China Coronavirus Europe Schengen Trump U.S. markets travel ban
- Location: LONDON, ENGLAND, UNITED KINGDOM
- City: LONDON, ENGLAND, UNITED KINGDOM
- Country: United Kingdom
- Topics: Economic Events
- Reuters ID: LVA001C4QZ8LJ
- Aspect Ratio: 16:9
- Story Text: A London market analyst told Reuters on Thursday (March 12) that President Donald Trump's decision to ban travel between the U.S. and the 26-nation European Schengen zone would be "bad for business."
David Madden of UK-based financial derivatives dealer CMC Markets said the move sent out "a dire message" that the international coronavirus outbreak would result in a "huge global crisis."
The World Health Organization declared the novel COVID-19 outbreak a pandemic on Wednesday (March 11).
"It's getting worse by the minute," Madden told Reuters, saying financial markets were preparing for a strict social restrictions to be put in place similar to those imposed in China, where the virus was first identified as surfacing.
Madden said the effect on markets looked similar to the 2008 financial crash, with frequent unpredictable swings up and down leading to general instability.
Madden said this would only be a short-term "blip" compared to 2008, but market fears are based on uncertainty as to how long the crisis will last and when it will peak.
"There's a fear that the situation in Europe and North America will become as dire as what it is in China," Madden said.
"We could see economic activity really grind to a halt; we could see many countries around the world undergo major economic cooling."
(Production: Gerry Mey, Ben Dangerfield) - Copyright Holder: REUTERS
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