Coronavirus live updates: California warns 25m could become infected as Italy deaths pass China

A stark warning from America’s most populous state – but UK researchers signal hope of vaccine this year. Follow the latest newsFollow our US coronavirus live blogFollow our Australia coronavirus live blogItaly becomes country with most deathsTrump sows confusion with treatment claimSee all our coronavirus coverage 1.53am GMT California’s governor has issued a statewide “stay at home” order to residents, telling them to leave their homes only when necessary during the coronavirus pandemic. 1.47am GMT The stock markets have taken a terrible battering in recent weeks but although they are showing signs of recovery today – the Nikkei is down just 1% while stimulus-rich Australia is up 4% – trouble looms in the international credit markets.I’ve been speaking to investors and economists who say that the crisis has exposed deep-seated weaknesses in the global financial system.Even though U.S. stocks rallied yesterday, top-rated credit continued to selloff. Investment-grade bond spreads blew out to the widest since 2009, tripling since the 2018 lows. Withdrawals from large investment-grade bond ETFs are ongoing. pic.twitter.com/7hNgS2Akmf Related: Coronavirus crisis could lead to new credit crunch as companies struggle with debt Continue reading…
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