Global shares mostly lower as new China virus cases spike

London's FTSE 100 declined 1.4% in morning trading to 7,428.92, and Germany's DAX lost 1.1% to 13,598.29. France's CAC 40 fell 1% to 6044.87, reversing gains from the last two days.

China reported more than 15,000 new cases of the COVID-19 disease and 254 more deaths. The jump was apparently due to a new reporting methodology. The spike came as a surprise for investors, who had become more at ease because of a recent decline in the daily number of new cases. Now questions are being asked about whether the rest of China is reporting the number of infections accurately.

Many countries have implemented travel restrictions on recent visitors to China, which has more than 99% of the world's reported infections. Chinese travellers constitute a significant share of tourists in many Asia Pacific countries, as well as in Europe and North America, and a decline in Chinese tourists would impact countries where tourism is key GDP contributor.

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