A Buddhist worshipper wearing a face mask amid concerns over the spread of the coronavirus places a gold leaf on the statue of a monk at Wat Pak Nam Buddhist temple in Bangkok, Thailand on Monday. Photo: AFP

 

Bars, restaurants, theaters and movie houses in New York and Los Angeles were ordered to shut down and several nations in South and Central America closed their borders in the latest moves around the world to combat the spread of the coronavirus.

The US Federal Reserve slashed interest rates in emergency action and other central banks took similar aggressive steps to cushion the economic impact of the disease, but Asian stock markets and the dollar continued to tumble on Monday.

European stocks were poised to open slightly lower.

At an emergency meeting, the Bank of Japan further eased monetary policy by ramping up purchases of exchange-traded funds and other risky assets. Australia's central bank pumped extra liquidity into a strained financial system and said it would announce more policy steps on Thursday.

Several countries imposed bans on mass gatherings such as sporting, cultural and religious events to combat the disease that has infected over 169,000 people globally and killed more than 6,500.

France and Spain joined Italy in imposing lockdowns on tens of millions of people while Australia ordered self-isolation for arriving foreigners.

New Zealand's central bank slashed interest rates by 75 ­basis points to a record low on Monday following an emergency meeting. The Bank of Japan and four other central banks cut pricing on their swap lines to make it easier to provide dollars to their financial institutions facing stress in credit markets.

"This cannot prevent the economic fallout from social distancing," said Ray Attrill, head of forex trading strategy at National Australia Bank in Sydney, referring to a method being used by many countries to try to slow the spread of the virus. "That will require some fiscal spending and something from the government to make sure small companies are funded."

New York Mayor Bill de Blasio said Sunday he was ordering restaurants, bars and cafes to only sell food on a takeout or delivery basis. He also said he would order nightclubs, movie theaters, small theatre houses and concert venues to close.

New York also joined the nation's other major public school systems in calling off classes starting this week.

Los Angeles Mayor Eric Garcetti issued similar orders later on Sunday. Any restaurant, bar or cafe selling food will only be able to do so via delivery or takeout, officials said.

Nations in South and Central America ramped up measures to contain the infection, with Panama banning entry of non-resident foreigners and Honduras closing its borders to passenger traffic for a week.

The leaders of Argentina and Peru also announced border closures on Sunday to curb coronavirus. Argentina will close its borders for 15 days to non-residents, President Alberto Fernandez said in a televised press conference.

Peruvian President Martin Vizcarra said later on Sunday that Peru would also close its borders, suspending air and sea transport. He called on citizens to self-quarantine for 15 days to help slow the infection.