US domestic passenger flights could virtually shut down, voluntarily or by government order – WSJ

According to industry and federal officials, as cited by the Wall Street Journal (WSJ), major US domestic airlines are outlining plans for a potential voluntary shutdown of virtually all passenger flights across the country, in an effort to slow the spread of the coronavirus.

Government agencies also consider ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion, the WSJ reports, adding that no final decisions have been made by the carriers or the White House.

Meanwhile, the Chinese government announced that all overseas arrivals will be subject to centralised quarantine.

• South Korea stats: 76 new COVID-19 cases in 24 hours, total 9037

Market reaction

The market mood remains lifted by the increased expectations of a US Congress coronavirus economic relief deal. Also, the Fed’s unlimited QE announcement keeps the sentiment around the global stocks boosted, as the economic concerns over the virus outbreak somewhat ease.

USD/JPY, however, drops to lows near 110.30 amid broad US dollar weakness despite an over 3% rally in the S&P 500 futures and US 10-year Treasury yields.