January 27, 2020
Investors worldwide have been spooked by the rapid spread of the Chinese coronavirus, with stock markets around the globe sharply lower on Monday.
The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected. A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.
The pan-European Stoxx 600 fell 1.7% early in the trading session, while in the U.S., Dow futures indicated a plunge of almost 400 points at the open on Wall Street.
While most markets in Asia were closed for the Lunar New Year, Japan’s Nikkei 225 fell by more than 2% in afternoon trade while the Topix slipped 1.6%.
The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003. At a press conference on Sunday, China’s top health official said the virus’s transmission ability is strengthening.
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