- Global stocks fell Thursday after Wuhan corona virus deaths and deaths hit a new daily high.
- The Chinese province of Hubei reported nearly 15,000 new cases and 242 deaths after the diagnostic standard was lowered.
- If the change in methodology causes the cases to grow faster, "market sentiment will inevitably deteriorate," said one analyst.
- Further information can be found on the Business Insider homepage,
Global stocks fell Thursday after Wuhan coronavirus cases and deaths soared to a new daily high, raising concerns among investors that the epidemic could have a worse impact than expected.
Almost 15,000 new cases and 242 deaths have been reported in the Chinese province of Hubei, where the city of Wuhan, from which the flu-like disease originated, is located. This corresponds to a daily record. However, more than 13,000 of the new cases were "clinically diagnosed," meaning Hubei officials included patients with symptoms, not just those with confirmed laboratory test results. Official government officials are already using this standard.
"The increase in reported cases reported today is a one-time change in methodology and does not in itself mean accelerating the rate of infection," said Seema Shah, chief strategist at Principal Global Investors, in a morning note.
"If the change in methodology leads to an increase in the growth rate of the reported cases, market sentiment will inevitably deteriorate, reversing the more optimistic tone of the past few days as markets have increasingly assured that the virus will soon plateau," added them added.
The Wuhan coronavirus, officially known as COVID-19, has infected over 60,000 people, killed nearly 1,400 people, and spread to more than 25 countries. It has seriously disrupted Chinese manufacturing and commerce – which threatens economic growth this year – and has forced companies like Apple, Disney, and Starbucks to shut down some or all of their locations in the country.
Here is the market overview from 11:20 a.m. in London (6:20 a.m. in New York):
- European stocks have slumped. Germany DAX slipped 1%, Britain FTSE 100 fell 1.6% and the Euro Stoxx 50 decreased by 1.2%.
- Asian indices closed lower. China Shanghai composition fell 0.7%, Hong Kong Hang Seng slipped 0.3% and Japan Nikkei fell by 0.1%.
- US stocks are expected to open deeper. Futures under the Dow Jones Industrial Average and S&P 500 fell 0.8% and Nasdaq The futures fell 0.9%.
- Oil prices fell too West Texas Intermediate a minus of 0.6% at $ 50.90 a barrel and Brent Crude oil fell 1% to $ 55.20.
(tagsToTranslate) Finance (t) Markets (t) Stocks (t) Wuhan Coronavirus (t) China (t) Healthcare (t) COVID-19 (t) Oil (t) Pandemic