Nightlife capitals New York and Los Angeles ordered bars and restaurants to close or go take-out only Monday as the US scrambled to contain the coronavirus pandemic and the Federal Reserve slashed rates to stem the fallout.

The fast-spreading outbreak has claimed almost 70 lives in the United States, disrupting every walk of life as Americans panic-buy essentials and brace for what may come.

Faced with an economic slowdown, the Fed announced emergency measures to shore up confidence and keep the financial sector running, including cutting the key interest rate to 0-0.25 percent.

President Donald Trump, in a now-daily briefing to his virus task force, praised the Fed's "phenomenal" action and sought to strike a reassuring tone even as he pleaded with Americans to stop stripping store shelves bare.

"Relax. We're doing great. It all will pass," he said.

But Anthony Fauci, the country's leading expert on infectious diseases, was blunt in telling Americans to prepare for hard times.

"The worst is ahead for us," he told the briefing. "We have a very, very critical point now."

In drastic measures, New York's Mayor Bill de Blasio said the city's usually buzzing bars and restaurants would be restricted to take-out or delivery, and that nightclubs, theaters and concert venues must close starting Tuesday.

Schools, museums and sports arenas have already been shut in many US states -- but lively St Patrick's Day celebrations were still held despite pleas to limit socializing, prompting calls for more aggressive action.

"Our city is facing an unprecedented threat, and we must respond with a wartime mentality," De Blasio said in a statement.

- 'Not a joke' -

Reinforcing the message, the Centers for Disease Control and Prevention recommended that gatherings of 50 people or more be canceled or postponed, not including day-to-day education or business activities.

In the strongest measure yet on American soil, the US territory of Puerto Rico imposed a 9pm to 5am curfew -- along with the closure of malls, movie theaters, gyms and bars.

As a number of states imposed shutdowns, the governor of Illinois, which includes the city of Chicago, announced that all bars and restaurants would close until March 30.

"The time for persuasion and public appeals is over. This is not a joke. No one is immune to this," Governor J.B. Pritzker told a news conference.

Los Angeles also said it would close bars, restaurants and nightclubs for at least two weeks, while California's Governor Gavin Newsom asked people over the age of 65 to self-isolate.

Several major Las Vegas casinos and hotels were shuttered, and party town New Orleans issued guidelines halving the capacity of bars and clubs.

Joe Biden, frontrunner to be the Democratic contender taking on Trump in November elections, said that in the president's shoes he would call the military out to help tackle the outbreak.

But whispers about a nationwide lockdown were firmly put down by the National Security Council, which tweeted: "Text message rumors of a national #quarantine are FAKE."

- Airport chaos -

US airports have been hit with a flood of Americans since restrictions on travel from Europe took effect. The ban will extend on Tuesday to Britain and Ireland.

Over the weekend frustrated passengers complained of hours-long lines and unsanitary conditions as people were screened for symptoms.

American Airlines was among the carriers slashing their schedules, with plans to reduce international capacity by 75 percent until early May.

Meanwhile United said it would announce a cut in capacity of around 50 percent for April and May.

The airport chaos was the latest evidence of turbulence in the administration's response to the pandemic that started in China late last year.

In the US, 69 people have died and more than 3,700 have been infected, according to a running tally by Johns Hopkins University.

The US Navy reported its first suspected case of the disease aboard a ship, saying a sailor on the USS Boxer had tested "presumptive positive" and was in quarantine at home.

The outbreak has outpaced the government's capacity to measure its scope through wide-scale testing.

In Sunday's briefing, Vice President Mike Pence said free testing was now available in all states and that more than 2,000 laboratories were equipped to process tests "much more rapidly".

Trump, who had played down the risk of infection early on, has tested negative for the virus, days after potentially being exposed to it.

The White House said Sunday it would begin checking the temperature of anyone entering the complex.

Equities plunge as central bank moves fail to ease economy fears
Hong Kong (AFP) March 16, 2020 - Asian markets tumbled Monday as interest rate cuts and fresh stimulus measures by central banks failed to lift confidence, with analysts warning that the Federal Reserve may have reached the limits of its power to fend off recession as the coronavirus spreads.

The Fed move added to efforts by central banks around the world to combat the outbreak, which observers say will likely cause a global recession.

The scale of the crisis was laid bare by data showing Chinese industrial production for January and February shrank 13.5 percent, the first contraction in around 30 years.

Equity markets continue to be whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000 with several countries going into lockdown as Europe becomes the new epicentre of the outbreak.

The Fed on Sunday slashed borrowing costs to almost zero -- its second emergency cut in less than two weeks -- and unveiled a massive asset-buying programme, similar to measures put into place during the global financial crisis.

The Bank of Japan on Monday unveiled a series of emergency monetary policy measures, saying it would ramp up its own bond-buying programme.

New Zealand's central bank also slashed rates to record lows in an attempt to cushion the economic blow, while the People's Bank of China has injected vast sums into financial markets to ease liquidity worries.

In joint action coordinated with the European Central Bank, Bank of England, Bank of Japan, Bank of Canada and the Swiss National Bank, the central banks moved to counteract global "dollar funding pressures", said Fed boss Jerome Powell.

But traders were left unimpressed, with the virus showing no sign of letting up, while the head of the World Health Organization chief Tedros Adhanom Ghebreyesus said it was impossible to tell when it would peak globally.

"While these moves may go some way to easing any potential blockages in the plumbing of the financial markets, they won't adequately compensate for the upcoming economic shocks that are about to come our way as a result of the events currently unfolding across Europe, as borders get closed and populations get locked down," said CMC Markets analyst Michael Hewson.

Sydney led losses, tumbling 9.7 percent in its worst drop on record, while Manila shed nearly eight percent and Bangkok and Mumbai dropped more than five percent.

Hong Kong, Singapore, Taipei and Jakarta all lost more than four percent. Wellington and Seoul were more than three percent off.

- Anything left in the tank? -

Shanghai dropped tumbled 3.4 percent after the release of the industrial production data, which came a week after news that Chinese exports had collapsed.

Tokyo ended 2.5 percent lower, after a rally sparked by the Bank of Japan's support measures announcement fizzled.

In early trade, London, Frankfurt and Paris all lost more than four percent.

The broad retreat follows a tumultuous week that saw some stock markets suffer their worst days in decades and in some cases their worst ever.

And experts said there was a concern that the Fed might be running on empty with regards to further action.

Sunday's move "raises the question of whether the Fed has anything left in the tank should the spread of the virus not be contained", said Kerry Craig at JP Morgan Asset Management.

"Our view is that the drag on the services sector from social distancing policies and shock from the fall of the oil price on the energy sector will be enough to tip the US into recession, but not necessarily a long one."

The unease has seen futures on Wall Street tumble around five percent.

"The biggest concern has to be that the big G7 central banks have exhausted their policy tool kit," said AxiCorp's Stephen Innes.

"The markets now appear kind of defenceless to another selling onslaught, so the fiscal step is crucial in avoiding a dreaded global credit event."

On currency markets, the dollar dropped against the yen after the Fed rate cut, though the greenback was up against higher-yielding, riskier assets such as the Australian dollar and the Thai baht.

Oil dropped again, hit by a price war between major producers Saudi Arabia and Russia adding to demand concerns caused by the virus.

- Key figures around 0820 GMT -

Tokyo - Nikkei 225: DOWN 2.5 percent at 17,002.04 (close)

Hong Kong - Hang Seng: DOWN 4.0 percent at 23,063.57 (close)

Shanghai - Composite: DOWN 3.4 percent at 2,789.25 (close)

London - FTSE 100: DOWN 4.8 percent at 5,108.31

Dollar/yen: DOWN at 106.45 yen from 108.02 yen at 2130 GMT on Friday

Euro/dollar: UP at $1.1144 from $1.1098

Pound/dollar: UP at $1.2348 from $1.2273

Euro/pound: UP at 90.24 pence from 90.18 pence

Brent North Sea crude: DOWN 6.3 percent at $31.73 per barrel

West Texas Intermediate: DOWN 4.4 percent at $30.34 per barrel

New York - Dow: UP 9.4 percent at 23,185.62 (close)

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