China's Shanghai Composite (SHCOMP) fell nearly 3.2% Thursday afternoon, accelerating earlier losses. It's the index's worst single-day percentage drop since last May, when President Donald Trump threatened new tariffs on China.
Hong Kong's Hang Seng Index (HSI) declined nearly 2.2%. The benchmark has lost more than 4% so far this week.
China's coronavirus problem is getting worse. The death toll from the disease has jumped to 17. More than 500 people have been infected, mostly in mainland China, though the disease has spread as far as the United States. The World Health Organization could decide Thursday whether the spread of the virus constitutes "a public health emergency of international concern."
Asian markets crept up slightly Wednesday, even as the virus spread. But losses are now deepening: The outbreak coincides with the Lunar New Year, during which time millions of people are traveling throughout the region.
China's travel industry in particular is bracing for disruption. The country's airline regulator has instructed Chinese carriers to offer passengers booked on Wuhan flights free cancellations if requested, while state media has China's rail authorities as saying they are offering passengers booked on Wuhan trains free cancellations.
Medical stocks have continued to surge. Shares of Zhende Medical and Jiangsu Nanfang Medical spiked 10% in Shanghai, the daily maximum limit.
The outbreak is reminiscent of SARS, the respiratory virus that infected more than 8,000 people and killed 774 in a pandemic that ripped through Asia and spread as far as Canada nearly two decades ago. The Wuhan virus is from the same family as SARS.
Larry Hu, an economist at Macquarie Capital, noted Wednesday that the SARS outbreak dented China's quarterly GDP growth in 2003. Though he added that the economy rebounded as the virus faded away.
"We have come a long way from SARS in 2003," said Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda, wrote in a note to clients on Thursday. He said the slump in Asian markets "looks more precautionary than panic-driven."
Markets in China will be closed for a week starting Friday, which marks the eve of the Lunar New Year.
"asian" - Google News
January 23, 2020 at 02:02PM
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Chinese stocks are having their worst day in more than eight months as the coronavirus spreads - CNN
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