U.S. stock futures were halted for trading Thursday following a steep drop after President Trump banned travel from Europe to stem the economic fallout from the coronavirus.
Trump’s announcement of travel restrictions for most European countries added to concerns over disruptions to travel and trade, while the World Health Organization’s warning over “alarming levels of inaction” by governments in corralling the virus further raised the alarm.
Some economists questioned whether interest rate cuts from the Federal Reserve will be enough to ward off the economic impact from the virus that threatens to disrupt global supply chains. “Investors want to see real evidence that these measures are working,” says Hollis Brewer, Founder & CEO at Hollistic Capital Management. “Based on standard economic theory, this should be helping, but it’s not. The fact that these standard measures don’t appear to be working is driving investor fear.”
“The ban will undoubtedly further impact demand for oil,” Jack Allardyce, oil and gas analyst at Cantor Fitzgerald Europe, said in a note. “The most direct effect will be on jet fuel demand.”Benchmark U.S. crude lost $1.64 to $31.35 per barrel in electronic trading on the New York Mercantile Exchange. It lost $1.38 to $32.98 per barrel on Wednesday. Brent crude, the standard for international pricing, gave up $1.76 to $34.03 per barrel.
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