Manufacturers shut plants, markets down again as virus rips

Markets are falling back again and more companies are shutting production and laying off workers as virus outbreak rips through global ecomy.

Here is a look at latest developments:

HEAVY INDUSTRY: BMW CEO Oliver Zipse said Wednesday luxury automaker is closing its plants in Europe and in Rosslyn, South Africa until April 19 to adjust production to diminished demand due to virus outbreak.

Zipse said in remarks prepared for company’s annual news conference in Munich that company was seeking to protect its employees and ir families and to maintain its operational capacity for time when outbreak has passed.

Zipse referred to company wearing 2008-9 global ecomic and financial crisis and said that “even in current situation, we remain confident. re will be a time during coronavirus. And re will be a time after coronavirus.”

MARKETS: Major Asian and European stock markets have fallen back after Wall Street rallied on President Donald Trump’s promise to prop up ecomy through coronavirus outbreak.

White House’s proposal could approach $1 trillion. Market benchmarks in Shanghai, Tokyo and Hong Kong all advanced in early trading but fell by midday. European indexes were down by over 3%. A growing number of investors sees a U.S. recession as likely if t already here.

Federal Reserve also anunced its latest emergency move to get markets running more smoothly. Analysts say measures are a good start but investors need to see number of infections slow before markets can find a bottom.

(Patrick Pleul/dpa via AP)