Asia Midday: Coronavirus Steals The Headlines

Jan 24 04:01 2020 Print This Article

Coronavirus continues to steal the world’s headlines, with Chinese authorities quarantining additional cities around Wuhan. Chinese New Year public festivities were cancelled across the mainland and Hong Kong, with even Jackie Chan’s latest movie release, postponed.

Mainland stock markets had their worst pre-Chinese New Year close on record. The Shanghai Composite and CSI 300 falling by 3.0% and Hang Seng falling 1.50%. With the mainland now closed until next Friday, the Hang Seng may well be in the firing line again today as a proxy to the increased worries about the viral outbreak.

I have been asked extensively whether this is a SAR’s rerun of 2003? The honest answer is, we don’t know yet. The virus itself is not the issue from an economic perspective; instead, it is the self-perpetuating negative feedback loop on economic activity, that it creates as people avoid moving around, shopping or gathering in places with lots of other people.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Has The Market Met Its Match?

Fred Imbert of CNBC reports the Dow drops more than 200 points, stocks head for losing week as coronavirus fears resurface:Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.The Dow Jones Industrial Average c ...

Schedule for Week of February 23, 2020

The key reports this week are January New Home sales and the second estimate of Q4 GDP.Other key reports include Case-Shiller house prices and Personal Income and Outlays for January.For manufacturing, the February Dallas, Richmond and Kansas City manufacturing surveys will be released.----- Monday, ...

This Week on TRB

I didn’t get to write much this week but we did two amazing interviews – talking to Rich Greenfield about the streaming wars and Dan McMurtrie about the things he learned launching his hedge fund – they’re both in the links below. Almost 2000 new subscribers at the Compound channel this week ...

Billionaire Ayre Doubles Down on Bitcoin SV Bet – but Slams “Digital Gold” Thesis - Peter Diekmeyer (21/02/2020)

February 21, 2020 Calvin Ayre is doubling down on his biggest bet yet: in Bitcoin SV (BSV), a variant of the popular digital currency that he believes has the bandwidth to backstop a global payments system. The Bodog gambling brand founder claims that BSV is more in line with the “peer-to-pee ...

METALS-Copper falls on fears of coronavirus spread and strong dollar

* Zinc hits lowest since July 2016 as supply grows * Copper gives up early gains to slip for third session * Lead flipped into surplus in December (Updates with official prices, adds aluminum and zinc news) By Eric Onstad LONDON, Feb 20 (Reuters) - Copper prices slipped on Thursday, weakened by fea ...

China Cuts Loan Prime Rates and Coronavirus Cases

China’s stimulus measures continued at pace this morning, as it lopped ten basis points of the one-year Loan Prime Rate (LPR) to 3.95%, and five basis points of the 5-year LPR to 4.75%. New cases of coronavirus in China fell to just over 300, sparking a new wave of V-shaped recovery optimism in ...

TFMR Podcast - Friday, February 21

With TF 68 Comments | 16 Likes Apologies included as this is a long podcast and I know you are busy. But there was a lot to cover and it's imperative that you review the charts and understand their significance. So, please take some time over the weekend to give this podcast your full attention. ...

Parkland Announces Date of 2019 Fourth Quarter & Year-End Results

CALGARY, Alberta, Feb. 21, 2020 (GLOBE NEWSWIRE) — Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2019 fourth quarter and year-end results after markets close on Thursday, March 5, 2020. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a. ...

Market shifts, Asian demand support strong US crude export volumes: Fuel for Thought

The export market has been a boon for US crude oil in early 2020, with the world, and especially Asia, looking to quench their thirst for light sweet grades. US outflows have been strong, with cFlow, S&P Global Platts’ trade flow software, estimating exports at 3.245 million b/d through the first ...

The Current Media Landscape

733,000 cable customers bailed on Comcast last year. The trend of cord cutting is playing out all across the Pay-TV universe, which you can see in this incredible chart from the WSJ.  Content is getting more expensive, customers are leaving in droves, and there is more competition than ever before, ...