TOKYO: Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market. Brent crude was down 28 cents, or 0.5 per cent, at $59.03 a barrel by 0332 GMT, while U.S. crude was also off by 28 cents, or 0.5 per cent, at $53.60 a barrel. On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. The streets of Daegu, the country's fourth-largest city, were deserted on Thursday after dozens of people there went down with the pathogen in what authorities described as a "super-spreading" event. In China itself, the world's biggest importer of crude oil, new cases also rose on Friday from the day before even as Beijing presses on with efforts to contain the spread that has largely paralysed the world's second-biggest economy. "I think there is a lot of reason for caution right now, as the impact of coronavirus on … [Read more...] about Oil falls as coronavirus spread beyond China heightens demand fears
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Back in 2013-2014 when the currency came under pressure, the RBI took desperate measures, asking banks to organise foreign currency deposits, which it swapped, while bearing the currency risk. … [Read more...] about Uncertain times: Should you buy gold now?
SYDNEY: Asian shares were under water on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of US assets, lofting the dollar to three-year highs. Even Wall Street turned soggy late on Thursday on news of increased infections in Beijing and abroad. South Korea reported 52 new confirmed cases on Friday. Corporate earnings are increasingly under threat as US manufacturers, like many others, scramble for alternative sources as China's supply chains seize up. The International Air Transport Association (IATA) estimated losses for Asian airlines alone could amount to almost $28 billion this year, with most of that in China. "COVID-19 anxiety has risen to a new level amid concerns of virus outbreaks in Beijing and outside of China," said Rodrigo Catril, a senior FX strategist at NAB. "US and EU equity markets have been sold across the board with core global yields benefiting from safe-haven flows," he added. "Asian currencies have … [Read more...] about Asia looks to safer shores in US assets as virus spreads