Stocks are sinking on fears of the deadly virus in China — 'Markets are worried about this spreading to more cities'

markets.businessinsider.com | 1/21/2020 | Staff
MicaellaMicaella (Posted by) Level 3
Global stocks dropped on Tuesday as investors braced for coronavirus to spread as hundreds of millions of people travel across Asia to celebrate Chinese New Year this weekend.

Travel, retail, and luxury goods stocks fell sharply on fears that the disease, which has already infected 224 people and killed four, will temper consumer demand.

Worry - SARS - Outbreak - Thousands - Hundreds

"The worry is this is another SARS, an outbreak that saw thousands infected and led to hundreds of deaths," one analyst said.

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Stocks - Tuesday - Investors - Wider - Outbreak

Global stocks dropped on Tuesday as investors braced for a wider outbreak of the mysterious coronavirus as hundreds of millions of people travel across Asia to celebrate Chinese New Year this weekend.

China's National Health Commission confirmed cases of the SARS-like virus spreading between humans on Monday. The disease has already infected 224 people and killed four, according to the Financial Times. The World Health Organization will meet on Wednesday to discuss whether to declare the outbreak an international public health emergency.

Travel - Luxury - Goods - Stocks - Concerns

Travel, retail, and luxury goods stocks fell sharply on concerns that the disease will hit demand. Airlines slumped on fears of crimped travel plans. Pharma stocks in China rose by their 10% daily limit. A maker of face masks in China surged.

"Markets are worried about this spreading to more cities," said Neil Wilson at Markets.com.

Market - Roundup - Am - London - Am

Here's the market roundup as of 9:10 a.m. in London (4:10 a.m. ET):

Asian indexes slumped with China's Shanghai Composite down 1.4%, Hong Kong's Hang Seng down...
(Excerpt) Read more at: markets.businessinsider.com
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