· Dow Falls 600 Points as U.S. Declares Coronavirus a Public Health Emergency
The Dow Jones Industrial Average finished down 603 points, or 2.1%, to 28,256, the S&P 500 was down 1.77% and the Nasdaq declined 1.59%.
Stocks finished sharply lower Friday as the U.S. declared the coronavirus outbreak a public health emergency and announced that people who pose a risk of transmitting the disease will temporarily be suspended from entering the U.S.
The World Health Organization declared the coronavirus, which has killed 213 people and infected a further 10,000 others, to be a global health emergency. However, WHO Director-General Tedros Adhanom Ghebreyesus praised China's efforts to contain the spread of the virus and said the WHO "doesn't recommend - and actually opposes" travel and trade restrictions to China, the world's second-largest economy.
On Friday, the U.S. declared the coronavirus a public health emergency at a White House news conference.
The Trump Administration imposed a series of travel restrictions on people attempting to enter the U.S. from China.
· European stocks closed lower on Friday after the first two cases of the coronavirus, which has hammered markets this week, were confirmed in the U.K.
The pan-European Stoxx 600 ended the session 1% lower, with basic resources falling 1.7% to lead losses as all sectors and major bourses were in the red.
In a statement Friday, England’s Chief Medical Officer Chris Whitty said that two patients had tested positive for the new strain of coronavirus and were in the care of the country’s National Health Service (NHS). A sixth case was confirmed in Germany by health officials in the southern state of Bavaria.
· Shanghai Stock exchange said on Sunday it would extend its deadline for companies to release their annual financial reports for 2019 until April 30, as companies halt normal activities due to the outbreak of a new coronavirus in the country.
Those companies that cannot make the April 30 deadline should contact relevant regulators, it said.
The Shanghai Stock Exchange re-opens on Feb 3.
· Asia stocks fall as investors await reopening of Chinese markets amid virus outbreak
Stocks in Asia fell in Monday morning trade as investors await the reopening of China’s markets amid an ongoing coronavirus outbreak.
In Japan, the Nikkei 225 dropped 1.68% in early trade as shares of index heavyweight Fast Retailing fell 2.71%. The Topix index also declined 1.53%. South Korea’s Kospi also shed 1.39%.
Meanwhile, shares in Australia tumbled as well, with the S&P/ASX 200 dropping 1.45% as shares of major miner BHP plunged about 3%.
Overall, the MSCI Asia ex-Japan index traded 0.54% lower.
Investors will be bracing for the return of trade for mainland Chinese stocks at 9:30 a.m. HK/SIN on Monday, following an extended holiday amid an ongoing virus outbreak that has taken more than 300 lives in the country so far.
Reference: The Street, CNBC, Reuters
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