China virus outbreak spooks global markets as fourth death reported

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China virus outbreak spooks global markets as fourth death reported GlobeBusiness

This translation has been automatically generated and has not been verified for accuracy.Gabriel Leung, left, of the Faculty of Medicine at the University of Hong Kong, speaks about the extent of the Wuhan coronavirus outbreak in China as Joseph Wu looks on during a press conference in Hong Kong on January 21, 2020.

“Because of Chinese New Year, millions of people will make a move to their hometown across China which is making the whole situation uncontrollable,” said Margaret Yang, an analyst at brokerage CMC Markets in Singapore, referring to the Chinese holiday period which formally begins on Friday.The number of known cases more than tripled on Monday to 223, mostly in the central city of Wuhan where the outbreak began but also in Beijing and Shanghai, Chinese officials said.

They are still investigating the origin of the virus, however the WHO says the primary source is most likely animal and Chinese officials have linked the outbreak to a seafood market in Wuhan.“The outbreak of a SARS-like coronavirus in Wuhan is developing into a major potential economic risk to the Asia-Pacific region now that there is medical evidence of human-to-human transmission,” said Rajiv Biswas, Asia Pacific Chief Economist for IHS Markit, in an email statement.

The outbreak was still in its early stages and China had good surveillance and quarantine systems to help control it, he added.Australia on Tuesday said it would screen passengers on flights from Wuhan, while Singapore announced it would quarantine individuals with pneumonia and a history of travel to Wuhan within 14 days before onset of symptoms.

 

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