Deepening a weeklong rout triggered by growing anxiety that the coronavirus will wreak havoc on the global economy, worldwide markets have plummeted again. The sweeping selloff pushed the benchmark S&amp;P 500 down 4.4 per cent, which is its worst one-day drop since 2011. The Dow Jones Industrial Average tumbled nearly 1,200 points. The S&amp;P 500 has now plunged 12 per cent from the all-time high it set just a week ago. That puts the index in what market watchers call a "correction," which some analysts have said was long overdue in this bull market, the longest in history.&nbsp;Stocks are now headed for their worst week since October 2008, during the global financial crisis.&nbsp;

Deepening a weeklong rout triggered by growing anxiety that the coronavirus will wreak havoc on the global economy, worldwide markets have plummeted again. The sweeping selloff pushed the benchmark S&P 500 down 4.4 per cent, which is its worst one-day drop since 2011. The Dow Jones Industrial Average tumbled nearly 1,200 points. The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago. That puts the index in what market watchers call a "correction," which some analysts have said was long overdue in this bull market, the longest in history. Stocks are now headed for their worst week since October 2008, during the global financial crisis.

British Airways is expected to announce a suspension of about 36,000 of its employees, BBC News reported on Wednesday. The airline has reached a broad deal with Unite union, a British trade union, that will include suspension of jobs of 80% of the airline's cabin crew, ground staff, engineers and those working at head office, BBC reported, adding that no staff were expected to be made redundant. British Airways had earlier announced&nbsp;to temporarily suspending flights from Gatwick Airport, Britain&rsquo;s second-busiest airport, as the aviation sector reels under the coronavirus crisis.

Moody's Investors Service on Thursday revised its outlook for Indian banking system to negative from stable, as it expects banks' asset quality to deteriorate due to disruption in economic activity from the coronavirus outbreak. Moody's report mentioned that a sharp decline in economic activity and a rise in&nbsp;unemployment will lead to a deterioration of household and corporate finances, which in turn will result in increased delinquencies.

During an interaction with Union Commerce and Industry Minister&nbsp;Piyush Goyal,&nbsp;export industry representatives have said that if the government does not find a way soon to re-open manufacturing units under lockdown, Indian products will lose their international markets to China, which has resumed production post the&nbsp;coronavirus&nbsp;outbreak. The industry players demanded resumption with some 50% manpower or even less, so that the industry is not hard hit, the Indian Express reported.&nbsp;Exporters also sought financial sops to pay wages, citing liquidity crunch with businesses being hit by the outbreak.

The Congress has hit out at the Centre for not announcing an interest subvention scheme along with the moratorium announced on payment of EMIs for three months against loans including for house, personal requirements, auto and other purposes, and said that it defeats the purpose of the relief. Banks have also&nbsp;warned borrowers that they would have to pay more if they choose to defer EMI&nbsp;payments.

EMI&nbsp;deferment could put&nbsp;additional payment burden on the borrowers as banks informed that the interest shall continue to accrue on the outstanding portion of the loan during the moratorium period. They reiterated that it is 'deferment' and not an 'interest waiver'. The country's largest public-sector lender SBI also warned customers on Wednesday about the additional cost and advised borrowers to repay their loans if they are in a position to do the same.&nbsp;Explaining about the impact on home loan, State Bank of India said for a loan of ₹30 lakh with a remaining maturity of 15 years, the net additional interest would be nearly ₹2.34 lakh which is equal to eight EMIs.&nbsp;For auto loan of ₹6 lakh with a remaining maturity of 54 months, the additional interest payable would be around ₹19,000, equal to additional 1.5 EMIs, the bank said.

The global economy could shrink by up to 1% in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5% growth, the UN has said. It has&nbsp;warned&nbsp;that economy may contract even further if restrictions on the economic activities are extended without adequate fiscal responses.&nbsp;The analysis said the Covid-19 pandemic is disrupting global supply chains and international trade.&nbsp;
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The Government has allowed motor and health insurance policy holders to defer payment of their renewal premium falling due during the period of the lockdown. The finance ministry in a notification has allowed third party motor insurance premium dues falling during the period of national lockdown between March 25 and April 14, to be paid on or before April 21 for the renewal of policy without any penalty.&nbsp;
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Goods and services tax&nbsp;collection fell below the ₹1 lakh crore mark in March after a gap of four months.&nbsp;GST&nbsp;collections in March stood at ₹97,597 crore, a 8.4% fall over the corresponding month last year.&nbsp;However,&nbsp;disruptions caused by the coronavirus-led&nbsp;lockdown will get captured only in the coming months.&nbsp;The government had targeted a collection of ₹1.25 lakh&nbsp;crore.&nbsp;GST collection&nbsp;grew by a meagre 3.7% in the fiscal year 2020.

Indian equity benchmarks fell more than 4% on Wednesday&nbsp;following weak Asian peers as coronavirus&nbsp;cases continue to rise.
The Sensex&nbsp;closed 1,200 points down and the Nifty fell 4% to end the trade at 8,253. Tech Mahindra, Kotak&nbsp;Mahindra&nbsp;Bank, Axis Bank, TCS and UPL were top five market draggers.
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Indian equities opened lower on Wednesday following weak Asian peers and Dow futures.
At 9:25 am, the Sensex&nbsp;was 348 points down at 29,120 and the NSE&nbsp;Nifty fell 1.29% to trade below 8,500.
Kotak&nbsp;Bank, ONGC, Adani&nbsp;Ports, BPCL and Tech Mahindra&nbsp;were the top losers. Whereas, IndusInd&nbsp;Bank, Britannia, Cipla, Nestle and Hindustan Unilever were the top five gainers.&nbsp;

Asian stock markets fell on Wednesday as investors contemplating the prospect of lengthy lockdowns as the coronavirus continues its deadly sweep across the planet. Tokyo&rsquo;s Nikkei 225 index fell 4.5% on Wednesday, and the Kospi index in South Korea fell 3.9%. The Hang Seng index in Hong Kong dropped 2.2%. The Shanghai Composite index in mainland China fell 0.6%.

US President Donald Trump on Tuesday said he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month it would raise exports after a production-cut agreement among top producers flopped in early March.

In a big relief to consumers, the prices of non-subsidised LPG&nbsp;cylinders have been slashed by up to ₹65, according to the Indian Oil Corporation&nbsp;monthly revision issued on Wednesday.&nbsp;As per India Oil, an LPG cylinder will cost ₹744 in Delhi from April 1, down from ₹805.5 earlier.&nbsp;LPG prices have been slashed considering over 55% decline in global crude oil prices.

Global industrialist Lakshmi Mittal on Tuesday said that his companies in India have committed ₹100 crore to the PM CARES fund&nbsp;for the ongoing Covid-19 relief efforts. Additionally, Mittal said that his companies' operations are contributing through supporting daily meals of over 5,000 as well as providing food kits to more than 30,000 people. His companies are also augmenting ambulance services and preparing care centres in location close to production facilities.

PVR Cinemas, India's largest multiplex chain has decided to inform landlords that they would be invoking 'force majeure' clause in its rental contract to not pay rent for the entire period of shutdown across the country, the Times of India reported. Reliance Retail too may invoke the same clause. 'Act of God' clause comes into effect during unprecedented circumstances.

Indian equity markets closed Tuesday with strong gains following Asian peers as investor sentiment turned positive after China reported rebound in manufacturing data.
The Sensex&nbsp;closed over a thousand points high at 29,468 and Nifty surged 3.82% to close the day near 8,600.
BPCL, Britannia, GAIL, ONGC&nbsp;and UPL were the top Nifty gainers.&nbsp;

The central government employees due to retire on March 31, will superannuate on that day only, the Personnel Ministry said on Tuesday. In view of the unprecedented situation arising out of the countrywide lockdown declared by the government consequent to the outbreak of Covid-19, it is clarified that the central government employees who are attaining the age of superannuation on March 31, 2020, shall retire from central government services irrespective of whether they are working from home or office, it said.

The government on Tuesday sharply cut interest rates on small savings scheme by up to 1.4% for April-June quarter after the RBI reduced repo rate to its lowest since 2004. As per the revised rates, the PPF&nbsp;will fetch an interest rate of 7.1%, down from 7.9% earlier.&nbsp;The government slashed the National Savings Certificate (NSC) rate from 7.9% to 6.8%. The rate on Kisan Vikas Patra has been slashed from 7.6% earlier to 6.9%.
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The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic. This indicates serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. The UN&nbsp;said that in recent days, advanced economies and China have put together massive government packages.&nbsp;This represents an unprecedented response to an unprecedented crisis, which will reduce the extent of the shock physically, economically and psychologically, the report said.

The government has identified at least 500 entities in the field of diagnostics, drugs, ventilators, protection gear, disinfecting systems,etc, as an effort to map coronavirus disease related technology capabilities in start-ups.&nbsp;The manufacturing capacity of the first indigenous kit developed by a Pune-based start up is being scaled up to produce nearly one lakh kits per week, a statement by health ministry, quoted by the Hindustan Times said. A manufacturing facility for indigenous development of ventilators, testing kits, imaging equipment and ultrasound and high end radiology equipment has been set up in Vishakhapatnam where manufacturing will start in the first week of April, said the health ministry in the statement.
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Virus anxiety triggers biggest 1-day market drop since 2011

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