A false dawn on the virus spread?

Feb 13 03:02 2020 Print This Article


Big jump in new China cases

Yesterday’s data suggested that the spread of the coronavirus had slowed dramatically, with just 300 new cases reported in China, according to data from Johns Hopkins University. As at yesterday, the number of cases in mainland China was approximately 44,700, an increase of just 400 from the previous day.

However, this morning, the total of cases has jumped to about 59,700 with total cases worldwide reaching 60,200. It is still unclear whether the jump is due to a revision of prior data or a fresh upsurge. The increase came as provincial officials adopted a new methodology for counting infections, which will now include those clinic-diagnosed cases, although it was not immediately clear to what extent the new methods affected the results.

The big jump has taken some of the fire out of the risk rally which saw US indices hit incremental record highs yesterday. US indices have retreated between 0.30% and 0.38%, with the US30 index under-performing. Safe havens came back into favour, with the Japanese yen rising 0.16% versus the US dollar, while 10-year US Treasury yields slid about 3 bps. Gold rose 0.42% to 1,572.70.

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