Chines stocks fall on coronavirus fears

Children wearing protective masks cross a street in Mandaluyong, east of Manila, Philippines. The Philippines reported on Sunday, the first death of a new virus outside of China, where authorities delayed the opening of schools in the worst-hit province and tightened quarantine measures in another that allow only one family member to venture out to buy supplies.

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Children wearing protective masks cross a street in Mandaluyong, east of Manila, Philippines. The Philippines reported on Sunday, the first death of a new virus outside of China, where authorities delayed the opening of schools in the worst-hit province and tightened quarantine measures in another that allow only one family member to venture out to buy supplies.

Stocks in mainland China plunged Monday as the number of people with coronavirus in the nation continues to grow. 

China’s Shanghai Composite tumbled nearly 9% after reopening following an extended holiday during the Lunar New Year. Other Asian markets slumped, with the Shenzhen Composite shedding 8%. Japan’s Nikkei 225 fell 1% and Australia’s S&P/ASX 200 lost 1.5%.

A further outbreak of the coronavirus rattled investors, sparking sharp swings across financial markets worldwide. China has reported at least 360 deaths while the number of cases around the world has grown to more than 17,000 according to data collected and mapped by Johns Hopkins University’s Center for Systems Science and Engineering.

Investors fear that a reduction of flights to China and the closing of businesses there could slow the world’s second-largest economy, which could hinder global growth.  A recent report by Coresight Research predicted the effects of the virus would cut China’s gross domestic product by up to $14.3 billion. 

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