President Xi declares a “People’s War” on the pathogen.
As of Saturday morning, the world has over 34,878 cases of the Wuhan coronavirus reported from 28 countries and administrative states, with 724deaths. All of the reported deaths have occurred in China.
Reports say 6,106 of those afflicted patients are in critical condition and 2,085 are confirmed recoveries.
***We will update this post with new information.
A top economist predicts that China’s GDP growth this quarter will be 0%.
The coronavirus outbreak is sickening China’s economy.
Evercore ISI Chairman Ed Hyman said he sees no economic growth in China in the first quarter due to the deadly coronavirus.
The market pullback Friday “is still a worry about the virus,” Hyman said on CNBC’s “Squawk on the Street.” “Our team has GDP growth at zero for the first quarter … China is really slowing and that’s worrying people for sure.”
Hyman, who has been ranked the top economist in Institutional Investor’s annual poll for more than three decades, said the fast-spreading virus will not have much of an impact on the U.S. economy.
“We are so solid,” Hyman said. “It’s not the virus, it’s the trade that matters. People are not going out. They are not shopping, and that’s what’s hurting particularly China.”
The effects are starting to be felt on the global economy.
Stocks ended lower Friday as worries over the coronavirus’ impact on the Chinese economy outweighed the release of stronger-than-expected U.S. jobs data.
The Dow closed 277 points lower, while the S&P 500 and Nasdaq lost more than 0.5%. The losses snapped a four-day winning streak for the major averages. Still, stocks notched strong weekly gains despite Friday’s losses.
President Xi declares “People’s War” against the cornonavirus
China’s communist leadership, which has enjoyed prosperity and expansion for many years, are now unnerved by travel bans that have been put in place because other nations do not trust the reports coming from the Chinese press.
So, its leader has announced “A People’s War” against the virus.
China is becoming increasingly frustrated by the travel bans imposed on its citizens amid the coronavirus outbreak, observers say, adding that the tension could have serious economic implications for Beijing and its trading partners.
On Friday, Chinese President Xi Jinping told his US counterpart Donald Trump that Beijing was doing all it could to contain the outbreak.
“We have adopted the most comprehensive and strictest prevention and control measures,” state broadcaster CCTV quoted him as saying in a telephone conversation.
“We have declared a people’s war … [and] are fully confident and capable of fighting the epidemic. The long-term trend of China’s economic development will not change.”
Failure to fully disclose the extent of the problem may have doomed the Chinese economy more effectively than any tariff the US could have put in place.
Restaurants in New York City’s Chinatown see business plummet as much as 50 per cent amid fears over coronavirus
There has been a significant downturn is the New York City Chinatown restaurant business, which is unusual as it is occurring during Chinese New Year celebrations.
Restaurants in New York City’s Chinatown have seen business drop dramatically due to fear of coronavirus, even though the city has yet to have a confirmed case of the virus.
Jing Fong owner Truman Lam estimated that there’s been a decrease in patronage of about 25 to 50 per cent, ‘depending on the day,’ at his restaurant.
‘It is a cause of concern, because it’s basically all related to coronavirus,’ Lam said, adding that ‘We don’t know how deeply people feel about it, especially because there are no confirmed cases in New York.’
Hong Kong Airlines takes a nosedive.
One business is in critical condition, as a result of the coronavirus outbreaks plaguing the region.
Hong Kong Airlines has been forced to fire 400 of its staff after sales nosedived amid the coronavirus outbreak.
The remaining staff have been ordered to take unpaid leave while the airline weathers the ongoing tourism slump.
Passenger demand was already low as people shirked the embattled city-state which has been in the grip of violent anti-government protests.
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