Chinese Death Toll Reaches 25! Shanghai’s Stock Collapses nearly 2.8%!
The coronavirus cases jumped to 830 and the death toll rose to 25 in China. Shanghai’s stock market collapsed nearly 2.8% following the cities lockdown.
Today, China authority addressed that the total number of coronavirus cases in mainland China has jumped to 830 and the death toll rose to 25.
The infection has been confirmed in many countries including Thailand, South Korea, Japan, Singapore, the US and latest cases in Vietnam and Saudi Arabia.
The immediately lockdown Wuhan and other cities in Hubei province by the Chinese local authorities to quarantine the virus outbreak has provoked the Shanghai’s stock market collapsed nearly 2.8% on Friday and the Yuan weakened.
The World Health Organization or WHO rejected to announce the new virus as a global health emergency. WHO physicians said they needed more data before declaring a global emergency, but the virus is now spreading through close human contact and in health-care setting.
“Make no mistake, this is an emergency in China. But it has not yet become a global health emergency. It may yet become one,” by Director-General Tedros Adhanom Ghebreyesus.
Even the disease can pass human-to-human in China, Tedros said it’s not yet spreading in other areas of the world where people have flown to after visiting China.
The analysts and economists pointed that it is too early to estimate the effect on Chinese economy, but the fears of a China slowdown could harm global growth are hitting some commodities markets such as oil and copper.
As the shutdown of transportation in many cities in Hubei Province, it might impact on refined product notably the jet fuel. Following the Chinese measure, the demand of fuel has been erased about 50,000 to 70,000 barrels per day.