$400 billion in market value Erased from Shanghai’s benchmark index after anxiety over the coronavirus

Publisher: The Insight Partners

Hong Kong reported its first death from the newly identified coronavirus on Tuesday, the second outside mainland China from an outbreak that has killed more than 420 people, spread around the world and raised.

China’s currency and stock markets steadied in choppy trade after anxiety over the coronavirus hit the yuan on Monday and erased some $400 billion in market value from Shanghai’s benchmark index.

Macau, the world’s biggest gambling hub, said it had asked all casino operators to suspend operations for two weeks to help curb the spread of the virus.

More foreigners were evacuated from China’s locked-down central city of Wuhan, the epicentre of the outbreak, and thousands of people were stranded on a Japanese cruise ship after a passenger tested positive for the virus.

The Hong Kong fatality brought the total death toll from the virus to 427, including a man who died in the Philippines last week after visiting Wuhan. Chinese authorities said the toll in China rose by a record 64 from the previous day to 425, mostly in Hubei province of which Wuhan is capital.

New cases were reported in the United States including a patient in California who was infected through close contact with someone in the same household who had been infected in China.

It marked the second instance of person-to-person spread of the virus in the United States after another such case was reported last week in Illinois.

“We expect to see more cases of person-to-person spread,” said Dr Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the U.S. Centers for Disease Control and Prevention (CDC).

The total number of infections in China rose by 3,235 to 20,438, and there were at least 151 cases in 23 other countries and regions.

The World Health Organization (WHO) has declared the flu-like virus a global emergency and experts say much is still unknown about the pathogen, including its mortality rate and transmission pathways.

Such uncertainties are leading some countries to take extreme measures to stem the spread. Australia sent hundreds of evacuees from Wuhan to a remote island in the Indian Ocean, while Japan ordered the quarantine of a cruise ship carrying more than 3,000 people after a Hong Kong man who sailed on it last month tested positive for coronavirus.

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