Breaking: Coronavirus is an international health emergency

We are hearing the outcome of the emergency meeting on the coronavirus. The WHO has said that the Coronavirus virus is an international health emergency.

"For all of these reasons, I am declaring a public health emergency of international concern over the global outbreak of 2019nCoV." – Dr Tedros.

Key notes

• Coronavirus virus is an internationally heal emergency.
• The outbreak has been met by an unprecedented response.
• We would have seen many more cases in China by now if it wasn't for the government of China to protect people of their nations and the world. 
• Cases are relatively small. 
• We have not seen any deaths outside of China, for which we must all be grateful. 
• Must act to limit spread.
• Potential of the virus to weaker health systems and capability to deal with it.
• Not recommending ‘any restrictions’ on trade and travel
• There is no reason for measures that unnecessarily interfere with international travel & trade. We call on all countries to implement decisions that are evidence-based & consistent. WHO stands ready to provide advice to any country that is considering which measures to take"-@DrTedros.
• "The main reason for this declaration is not because of what is happening in China but because of what is happening in other countries".
• We have started on a vaccine. There is progress. Will inform as soon as have further information. 
• Measures taken by China will reverse the tide. 
• There are some countries that have the capacity to deal with this and avoid contamination. 
• Not all countries can.

What we knew before

The total number of cases of the coronavirus reached nearly 8,000 worldwide with 170 deaths in China, Chinese and international health authorities said Thursday. The World Health Organization holds a news conference in Geneva to provide an update on the outbreak.

There will be limited time for questions, two from the room and two from the phone lines.

Watch live

Market implications

Markets have little else to goon now that the Federal Reserve and Gross Domestic Product has passed us by. The virus, in itself, is a critical factor and wit no signs of any let-up, investors are bracing for impact, which has seen US yields fall and gold rise. The yen is usually the first G10 currency to show signs of how the market is positioning and that too is higher on the day, by 0.31% vs the greenback, following a sell-off in US stocks, (S&P 500 -0.48%). The outcome of today's WHO meeting will be critical for the end of this week's trading direction. 

• DXY takes a significant U-turn, embarking on sell-stop liquidity towards 97.50s

• Gold bulls set on the Jan highs at $1,611